ICU Day – celebrated on the third Thursday of every October since 1948 – will be on October 19, 2017. The day has been designated as an occasion for credit unions all over their world to recognize the history behind the credit union movement, its spirit and its philosophy. It’s a day to share your experiences as a member and to reflect upon all the benefits you enjoy by being a part of your credit union.
It’s also a day to have fun! Credit unions vary in how they commemorate the day, with celebrations that may include parades, picnics, contests, fundraisers or free promotional materials at the credit union’s local branch. At Dannemora Federal Credit Union, we will celebrate with snacks and giveaways in branches.
Each year, the Credit Union National Association (CUNA) and the World Council of Credit Unions chooses a theme for ICU Day. The theme for 2017, selected via an online poll of credit union professionals, is “Dreams Thrive Here.” As a credit union member, you can testify to the absolute truth of this statement. Credit unions do help your dreams thrive, because they make them possible.
You already know how wonderful it is to be part of a credit union, but in the spirit of ICU Day, let’s take a quick look at four factors that make a credit union outstanding and allow your dreams to thrive.
1.) Members first
As a member of a credit union, you own a piece of the organization. Credit unions are not stuck answering to Wall Street – we only want what’s best for you. This keeps our focus in the right place. Instead of working on earning the biggest profits, we can focus on offering superior member service and policies that are as member-friendly as possible. You’ll have a say in the way your credit union runs, and if you find yourself in a difficult situation, you’ll find representatives who are willing and happy to help you.
2.) Lower fees
Banks earn a significant portion of their profits through their fees. While a credit union will also have fees attached to certain products and services, these tend to be lower than similar fees you’ll find in a bank. What all this means for you is lots of money saved just by choosing to trust [credit union] with your money.
3.) We’ve got your back
Everyone has their ups and downs. If you’re going through a rough patch, a credit union is willing to work with you through that challenging time. While a bank is more likely to turn down a borrower with a poor credit history, a credit union member representative wants to help you out. Loan officers will be happy to meet with you and work to find a loan that best suits your needs. If necessary, representatives are also here to help you learn the basics of budgeting and money management, often offering programs to help you gain control over your budget and cover unexpected expenses.
4.) Better interest rates
When you open a savings account or a CD, one of your biggest concerns is the interest rate. You want your money to grow as much as possible.
Lucky for you, credit unions offer higher interest rates on savings accounts and lower interest rates on loans. You read that right – remember, they want what’s best for you! Since they’re not focused on making a profit, they only need to cover operating costs. All the money they save by focusing on what matters to you is passed down to the member via these favorable interest rates. This means you can save on any loans you may need and that the money in your savings accounts will be earning at a higher rate, just because you chose Dannemora Federal Credit Union.
As you can see, we’ve got lots to celebrate!
Here at DFCU we’re gearing up for a fun-filled, memorable day. Join us on Oct. 19 for Snacks and giveaways as together we celebrate everything that makes a credit union special. Can’t wait to see you there!
Your Turn: What’s your favorite part of being a credit union member? Share it with us in the comments!