International Credit Union Day – October 17, 2024

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.

Local credit unions, like Direct Federal Credit Union in Massachusetts, 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.

Each Credit Union offers membership to a specific group of people that varies by credit union. Membership is typically done by opening a Savings Account at the Credit Union. After you have a Savings Account, you can open any additional accounts or apply for a loan.

For instance, Direct Federal Credit Union in Needham, Massachusetts, allows anyone who lives,  works, or worships in Norfolk or Middlesex County in Massachusetts – that’s over 2,000,000 people who can join the credit union. You automatically become a member by applying for a loan or opening an account. To learn more about Direct Federal Credit Union, visit www.Direct.com.

Reach out to your local Credit Union(s) to find one that is right for you.

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, like Direct Federal Credit Union in Massachusetts, 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. Almost 90% of Direct Federal members strongly agree or agree they received remarkable service from the credit union, and 94% strongly agree or agree they received a great rate from the credit union.

Credit unions care about the community they’re in and the people they serve.

Direct Federal Credit Union has a long history of offering a remarkable member experience and service, coupled with the technology and capability to bank with them wherever, whenever, and however you want. While they are a local credit union ingrained in its community, its core operating model is designed to serve its members wherever, whenever, and however, they want. Their unique business model, where everything they save from only having the expenses of ONE branch, allows them to offer lower rates than other financial institutions—with the bonus of having the technology to support their members no matter how they bank with them.

Direct Federal Credit Union chooses not to spend money on a network of branches. They believe that having one branch doesn’t mean They’re hard to bank with; it means they’re easy and smart to bank with.

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. Direct Federal Credit Union, for example, scores in the top 5 credit unions and banks in the state for the number of digital offerings. They have put the technology and systems in place to allow their members to bank with them wherever and whenever they want.