International Credit Union Day.
Thursday, October 17th is International Credit Union Day (ICU Day®). The goal of ICU Day® is to raise awareness about the tremendous work that credit unions do around the world and give members the opportunity to get engaged.
It’s also a great time to share a little about the unique structure and founding philosophies of credit unions. We’re different and proud of it!
How is a credit union different than a bank?
How is a credit union different than a bank? Credit unions are not-for-profit organizations that exist to serve our members. Like banks, credit unions accept deposits, make loans and provide a wide array of other financial services. But as member-owned and cooperative institutions, credit unions provide a safe place to save and borrow at reasonable rates.
You are more than an account holder, you are a part-owner in the credit union. Members Trust is owned and controlled by the people/members who use our services. Your vote counts. Our volunteer board of directors is elected by our members to oversee the credit union.
Credit unions operate to promote the well-being of our members. The profits made by our credit union are returned back to our members in the form of reduced fees, higher savings rates, and lower loan rates.
Members of a credit union share a common bond, also known as a credit union “field of membership.” You may be able to join a credit union based on where you live, work, membership in a particular group or if someone in your family is a member. Once you are a member of a credit union, you can always be a member even if you move or change jobs.
Members often have shared interests and appreciate participating in an institution designed to help people. Many credit unions volunteer in their communities in a variety of different ways including providing financial education, supporting local schools and meeting small business needs. Members Trust feels strongly about helping the people in the communities we serve and we do that in a variety of different ways.
The cooperative structure of a credit union creates a cycle of people-helping-people. The common goal is for members to experience financial well-being. One member’s savings becomes another member’s loan.
On October 17, 2019, join your Members Trust family as we celebrate the 71st anniversary of ICU Day®! If you are in the area, please stop by our branch for some refreshments.
Learn more about credit unions!