Thursday, October 15th, 2020
Jump To Section:
Of all of the fun holidays in October to celebrate (like World Vegetarian Day, International Music Day, and National Homemade Cookies Day which all take place on October 1st) another weird October holiday you might not think of automatically is International Credit Union Day! But what does it mean to celebrate credit unions, where did this holiday come from, and when is national credit union day?
International Credit Union Day, also known as ICU Day, is celebrated on the third Thursday of every October. This holiday has been in effect since 1948 and this year we celebrate ICU day on October 20th, 2022.
The day has been designated as an occasion for credit unions all over the 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 credit union member and to reflect upon all the benefits you enjoy by being a part of your credit union. It is very common for credit unions to host special celebratory offerings at their physical branch locations, and also to promote fun parades, picnics, contests, and more.
If you are not a member of a credit union currently and don’t know much about credit unions, let’s take a quick look at four factors that make a credit union outstanding (and in our opinion, what makes credit unions better than regular banks)!
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.
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 a credit union with your money.
Everyone has 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.
Lucky for you, credit unions offer higher interest rates on savings accounts and lower interest rates on loans. You read that right — remember, credit unions want what’s best for you! Since credit unions are not focused on making a profit, we only need to cover operating costs.
All the money saved by focusing on what matters to you is passed to the members 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. As you can see, being a member of a credit union gives you lots to celebrate!
What better way to celebrate International Credit Union day this year than to join our credit union at AGCU? If you’re looking for exceptional financial services, like free checking accounts that offer annual percentage yields (APYs) as high as 2.50%, then joining AGCU could be the right fit for you!
To join AGCU, visit any AGCU Branch or contact one of our representatives today by calling (417) 831-4398 or filling out our contact form. Happy International Credit Union Day!