International Credit Union Day is observed on the third Thursday of October every year, falling on October 16 this year. International Credit Union Day is celebrated across the world, and it is an opportunity for Credit Unions and the communities they serve to reflect upon the credit union movement, promote credit union achievements, and share the impact credit unions have on their members.
Credit unions are full-service financial institutions that provide the same products, services, and benefits offered by other financial institutions. Credit unions differ because they are not-for-profit financial cooperatives owned by and operated for the benefit of the customers (members) they serve. Credit unions serve their members, not investors. Credit unions are cooperatives or organized groups of people with some common bond. Examples of a common bond may be your employer, the community in which you live, a faith-based organization, a school, or the military, just to name a few.
History of International Credit Union Day
You might be wondering how a credit union is different from a bank. Credit unions are interested in advancing their communities because they are owned by the people they serve daily. That’s why they work so hard to improve their members’ savings; help them invest in their homes, businesses, and education, and secure a stronger financial future. No matter what life brings, credit unions have been there to help strengthen the financial lives of individuals, families, and businesses in their communities.
In 1948, the U.S. Credit Union National Association (CUNA) started a new National Credit Union Day celebration. The World Council of Credit Unions was created in 1971 to help others establish and maintain viable credit union movements in countries across the globe. International Credit Union Day has been observed on the third Thursday of October since 1948 and was created to celebrate Credit Unions and their meaning to the community.
International Credit Union Day timeline
The first working credit union models spring up in Germany.
The Federal Credit Union Act is enacted during the Great Depression and is signed into law by President Franklin D. Roosevelt.
Credit unions begin expanding their services beyond traditional savings and loans to include credit cards, auto loans, and more.
Direct Federal Credit Union sponsors International Credit Union Day, which includes a survey. Want to be a sponsor: learn how.
International Credit Union Day - Survey Results
International Credit Union Day FAQs
Who started International Credit Union Day?
International Credit Union (ICU) Day® has been celebrated on the third Thursday of October since 1948 and was founded by the World Council of Credit Unions and Credit Union National Association (CUNA). CUNA is recognized as the most influential financial services trade association and one of Washington’s Top 10 most respected associations. The day was created to raise awareness about the tremendous work credit unions, and other financial cooperatives do worldwide.
Why are we celebrating credit unions?
Local credit unions are member-owned financial institutions directly contributing to your community—where you live, work, and worship. They have an interest in investing in the local communities because people in those communities own them. This community investment comes in the form of philanthropy, volunteerism, financial education and funding, small business supporters, and more. Additionally, when you bank with a credit union, your money is invested in the community through loans and other services. Credit Unions have thousands of local members that have taken advantage of their low-rate, affordable real estate loans and have invested in the local economy and communities they serve.
Credit Unions want to improve their member’s savings, help them invest in their homes, businesses, and education, and secure a solid financial future. On International Credit Union Day, we celebrate that.
Why would someone bank with a local Credit Union versus a large national bank?
Banks and credit unions are similar in many ways. Both accept deposits, offer loans, and are secure places to keep your money. But there are major differences between the two.
Credit unions are focused on their members, not shareholders. Credit unions have a vested interest in strengthening their communities because they are in those communities and are focused on helping their members meet their financial potential.
At a credit union, you can get more personalized service than you may receive at a bank. Because credit unions are not-for-profit and serve their members, profits are shared with members through higher yields on deposit accounts, fewer and lower fees, lower loan interest rates, and personalized lending flexibility.
Are Credit Unions less advanced than larger, national financial institutions?
No. Many Credit Unions offer advanced Online Banking and Mobile App capabilities that are similar to or, in some cases, better than the technology and digital banking capabilities of the larger, national financial institutions.
How to Observe International Credit Union Day
Learn about your local Credit Union
Research your local Credit Union options. Take a look at your current interest rates on loans and what you’re earning in your Savings accounts. Think about the customer service you are receiving from your financial institution. If you are unhappy with what you see, research what your local credit union can do for you.
Join a Credit Union
Celebrate International Credit Union Day by joining a Credit Union. In doing so, you will become part of a community that works toward helping people like you realize their dreams in the best way possible.
Help one of the organizations your local Credit Union supports
Credit Unions work hard to make a positive difference in the communities they serve by integrating our community engagement efforts into their everyday business and leveraging our strengths and resources to make the greatest impact. Visit your local Credit Union's website to learn what organizations they support and connect with that organization to see how you can help.
International Credit Union Day dates
| Year | Date | Day |
|---|---|---|
| 2021 | October 21 | Thursday |
| 2022 | October 20 | Thursday |
| 2023 | October 19 | Thursday |
| 2024 | October 17 | Thursday |
| 2025 | October 16 | Thursday |
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