The 74th anniversary of International Credit Union (ICU) Day is Thursday October 20, 2022. This year, we celebrate together as a global movement that encourages you to Empower Your Financial Future with a Credit Union™
ICU Day celebrates the spirit of the global credit union movement. The day is recognized to reflect upon the credit union movement's history, promote its achievements, recognize hard work and share member experience.
ICU Day is brought to you by the champions of the credit union movement, The World Council of Credit Unions and the Credit Union National Association (CUNA). Together we all contribute to helping spread the belief of all people having access to affordable, reliable and sustainable financial services for all our members, meeting them at their financial terms.
Fun Facts About Credit Unions and How They Differ From Banks
| Bank |
|---|
| For profit |
| Owned by Stakeholders |
| Insured by FDIC |
| Anyone can join |
| Proprietary branches and ATMs |
| Objective: to maximize profits |
| Stakeholders benefit |
| Credit Union |
|---|
| Not for profit |
| Owned by members |
| Insured by NCUA (or privately insured) |
| Community-based membership |
| Shared branches and ATMs |
| Objective: to meet members needs |
| Members benefit |
- The first true credit unions were established in Germany in 1852 and 1864.
- President Roosevelt signed the Federal Credit Union Act in 1934 to promote thriftiness and prevent usury during the Great Depression.
- Credit union membership eligibility is pretty flexible and open to most based on where you live.
- Credit union members are entitled to vote for their board members or directors.
- Credit unions are able to offer better rates and lower/fewer fees than banks.
- Many credit unions participate in shared branches and ATMs, which means you can visit other participating credit unions for access to your accounts, making it a larger network than most big banks.
- Once you're a member, you're always a member, regardless of where you live.
- All credit unions require you to have a share (savings) account. Even if you only want a loan. It acts as your "share of ownership".
- There are currently over 86,000 credit unions that operate in 118 countries worldwide.
- You are one of the 375 million credit union members today!
What is a Credit Union?
ICU Day Member Empowerment
Thank you!
We'd like to take this opportunity to thank you, our valued members, who help make SafeAmerica Credit Union what it is today.
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