Mission of International Credit Union Day
Mission of International Credit Union Day: To highlight and celebrate the qualities that make credit unions the best financial partners of people all over the world.
1. What is International Credit Union Day?
• International Credit Union Day is a day when credit unions all over the world celebrate the qualities that make credit unions unique and show appreciation for their members.
• The celebration started in 1948, and occurs every year on the third Thursday of October.
• There are 57,000 credit unions worldwide in 105 countries.
2. What makes a credit union different?
• Credit unions are not-for-profit financial cooperatives.
• We offer the same services as other financial institutions, but we return all our profits to members. That’s why we have better rates and fewer fees.
• We are owned by our members, not shareholders, so our money stays in the community.
3. What is a cooperative?
• A cooperative is an association of people who come together to meet a shared need.
• All co-ops are democratically controlled and share common principles, such as social responsibility and offering education to members. The 9 credit union principles come from the 7 cooperative principles that all co-ops follow.
• Credit unions are financial cooperatives, but there are all kinds of co-ops. From a neighborhood grocery co-op to national name-brand co-ops, like the outdoor retailer REI.