News Release: Credit Unions: more important than ever for people and communities

 
Monday, October 17, 2011
INDIANAPOLIS – On Thursday, October 20, credit unions in Indiana and around the world will celebrate International Credit Union Day and the role these financial institutions play in serving community members. As member-owned, not-for-profit financial cooperatives, credit unions have always been a trusted place for quality financial services, offering better rates and lower fees—such as free checking and no-fee debit cards. Additionally, credit unions’ status as a local source for loans to consumers and small businesses continues to be an advantage.
“Credit unions were established more than a century ago by people who pooled their resources for the benefit of one another, and they are still successfully using this cooperative model to provide financial products and services today’s consumers and business owners want and need,” said Indiana Credit Union League President John McKenzie. “This year’s theme – ‘Credit Unions Build a Better World’ highlights the principal mission of helping people build better lives through credit union membership.”
 
Other facts about credit unions and the ways they serve their members:
  • Credit unions are a place where consumers can receive a good deal. Indiana’s 2.25 million credit union members benefit by $90 million annually through better rates and lower fees compared to if the only choice available to consumers was for-profit financial institutions. This is because credit unions are member-owned, not-for-profit cooperatives, and earnings not needed for reserves and operations are returned to members through better rates and lower fees.
  • More consumers are looking to credit unions for a better deal on financial services. New deposits at credit unions in Indiana have increased by almost a billion dollars annually during the past four years to a current total of $16.7 billion.
  • There are 187 credit unions in Indiana. To find one to join, visit www.icul.org and enter your ZIP code next to the “Find a Credit Union” button on the home page.
  • To learn more about credit unions’ commitments to the communities they serve, visit www.icul.org and click on “Commitment to Change.”