International Credit Union Day 2023: International Credit Union Day is annually observed on October 20, which falls on the third Thursday of that month. International Credit Union Day is observed globally and provides credit unions and the communities they serve with an opportunity to reflect on the credit union movement, highlight the accomplishments of credit unions, and discuss the influence credit unions have on their members.
Credit unions offer the same products, services, and benefits as other financial institutions; they are considered full-service financial institutions. Credit unions are distinct in that they function as financial cooperatives that are owned and administered for the benefit of their members and not-for-profit. Credit unions prioritize the interests of their members over those of investors. Credit unions are organized organizations of individuals who share a common bond or function as cooperatives. The military, an employer, one’s community of residence, a faith-based organization, or an educational institution are all instances of shared bonds.
For instance, membership in Direct Federal Credit Union in Massachusetts is open to anyone who resides, works, or worships in Norfolk or Middlesex County; that’s more than two million individuals. For additional details regarding Direct Federal Credit Union in Needham, please visit www.Direct.com.
Along with its 30,000 members, Direct Federal Credit Union will commemorate and honor its dedication this year to offering competitive rates, ensuring money savings for its members, ensuring convenient accessibility to save time, and delivering exceptional service to maintain confidence.
International Credit Union Day History
One might inquire as to the ways in which a credit union and a bank differ. Because credit unions are owned by the members they serve on a daily basis, they have an interest in the betterment of their communities. They strive diligently to increase the savings of their members, assist them in investing in their businesses, residences, and education, and ensure a more secure financial future. Credit unions have always been there to assist in the improvement of the financial situations of local businesses, families, and individuals, regardless of the circumstances that arise.
The inaugural National Credit Union Day celebration was initiated by the U.S. Credit Union National Association (CUNA) in 1948. In 1971, the World Council of Credit Unions was established with the purpose of assisting nations in the establishment and maintenance of viable credit union movements. Since 1948, the third Thursday of October has been marked as International Credit Union Day, an occasion designed to honor credit unions and their significance in the community.
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FAQs for International Credit Union Day
Is it International Credit Union Day that was born?
International Credit Union (ICU) Day® was established by the Credit Union National Association and the World Council of Credit Unions in 1948 to be observed on the third Thursday of October. CUNA is one of the most esteemed organizations in Washington and the preeminent trade association for financial services. The purpose of this day is to bring attention to the extraordinary work that credit unions and other financial cooperatives perform on a global scale.
Why are credit unions being celebrated?
Member-owned financial institutions, such as Direct Federal Credit Union in Massachusetts, make direct contributions to the community in which you reside, conduct business, or attend worship. Their interest in investing in local communities stems from the fact that these assets are owned by members of those communities. This community investment is comprised, among other things, of philanthropy, volunteerism, financial education and funding, and support for small businesses. Moreover, through financing and other services, your money is invested in the community when you conduct business with a credit union. Credit unions have thousands of local members who have invested in the communities and economies they serve by utilizing their low-interest, affordable real estate loans.
Credit unions strive to assist their members in securing a solid financial future, investing in their homes, enterprises, and education, and increasing their savings. We honor this on International Credit Union Day.
What are the reasons for becoming a credit union member? What is the meaning of that?
Membership eligibility is membership-exclusive and varies from credit union to credit union. Typically, one must establish a savings account in order to become a member of the credit union. It is possible to apply for a loan or open additional accounts after establishing a savings account.
For example, the Direct Federal Credit Union located in Needham, Massachusetts, extends membership to individuals residing, working, or worshipping in Norfolk or Middlesex County, Massachusetts. This equates to a membership pool of over 2,000,000 individuals. An individual becomes an automatic member upon submitting a loan application or establishing an account. Visit the Direct Federal Credit Union website at www.Direct.com for more information.
Contact one or more credit unions in your area to determine which one best suits your needs.
Justification for patronizing a local credit union as opposed to a large national bank.
Credit unions and banks are comparable in numerous ways. Both establishments provide loans, accept deposits, and ensure the safety of your funds. However, significant distinctions exist between the two.
The priority of credit unions is their members, not their shareholders. Credit unions, being situated within their respective communities, possess a vested interest in fostering community development and are committed to assisting their members in realizing their financial capabilities.
A credit union, such as the Massachusetts-based Direct Federal Credit Union, may offer more individualized service than a bank. Credit unions distribute their profits to their members in the form of increased yields on deposit accounts, reduced loan interest rates, personalized lending flexibility, and fewer and lower fees, as a result of their not-for-profit nature and commitment to serving their members. 94% of Direct Federal members strongly concur or agree that they received an excellent rate from the credit union, and nearly 90% of members agree or strongly agree that they received exceptional service from the credit union.
Credit unions are invested in the prosperity of the members of the community they serve.
As an illustration, what are some services that credit unions offer that are absent from larger, national financial institutions?
In addition to the capability and technology to conduct banking transactions from any location, at any time, Direct Federal Credit Union has consistently provided its members with an exceptional experience and service. Although deeply rooted in the community, this credit union’s fundamental operating model is oriented towards providing services to its members in any location, at any time, and in any way they prefer. Their distinctive operational framework, which leverages the cost savings generated by operating a single branch, enables them to provide more competitive interest rates than rival financial institutions. Moreover, their technologically advanced system ensures member support irrespective of the banking method utilized.
Direct Federal Credit Union elects not to invest in a branch network. They hold the belief that the fact that they have a single branch does not indicate that they are difficult to bank with, but rather that it signifies that they are straightforward and knowledgeable in the banking process.
Credit unions are less progressive in comparison to larger, national financial institutions.
No. Numerous credit unions provide sophisticated mobile applications and online banking functionalities that, in certain instances, surpass the technological prowess and digital banking capabilities of larger, national financial institutions. For instance, Direct Federal Credit Union ranks among the state’s top five credit unions and institutions in terms of the number of digital offerings it provides. They have established the systems and technology necessary to enable their members to conduct banking transactions from any location and at any time.
HOW TO CELEBRATE DAY OF THE INTERNATIONAL CREDIT UNION
Educate yourself on the local credit union
Investigate the options at your local credit union. Assess the present interest rates accrued on your loans as well as the earnings being accumulated in your savings accounts. Reflect upon the level of customer service that your financial institution is providing you. If you are dissatisfied with what you see, investigate the services that your local credit union can provide.
Participate in a Credit Union
Enroll in a credit union in observance of International Credit Union Day. You will thereby become a member of a community whose mission is to assist individuals like yourself in the most effective manner possible in achieving their aspirations. Individuals residing in Massachusetts may visit Direct.com for further information.
Review your financial knowledge
Visit the website of your local credit union to view their financial education resources. Direct Federal Credit Union’s DirectLIFE portal provides access to online courses on fundamental financial education subjects.
Contribute to one of the causes supported by your local credit union.
Credit unions leverage our strengths and resources to maximize our impact while integrating community engagement initiatives into their day-to-day operations in order to positively influence the communities they serve. Financial assistance is extended by Direct Federal Credit Union to 501(c)(3) organizations operating in the 82 municipalities and localities comprising Norfolk and Middlesex County. Their charitable contributions consist of monetary donations, sponsorships of events, and scholarships for local institutions. Additionally, they acknowledge that financial assistance is not always sufficient; consequently, they engage in community service by volunteering for local organizations. Furthermore, they establish connections with the community and impart essential abilities that foster financial capability in the 82 municipalities and localities under their jurisdiction through financial education. Learn which organizations your local credit union supports by visiting their website; then, establish contact with that organization to determine how you can be of assistance.
INTERNATIONAL CREDIT UNION DAY DATES
| Year | Date | Day |
|---|---|---|
| 2023 | October 19 | Thursday |
| 2024 | October 17 | Thursday |
| 2025 | October 16 | Thursday |
