International Credit Union Day 2016
Celebrate “The Authentic Difference”
Since 1948, on the third Thursday of every October, credit unions have celebrated the principles that make credit unions the best financial partners of people all over the world. On October 20, 2016, we will highlight “The Authentic Difference” by focusing on what makes credit unions different from banks, fintech startups and other financial institutions—our principles.
Credit unions are not-for-profit financial cooperatives, offering the same services as other financial institutions, but with a people-first philosophy. Credit unions all over the world have operated according to the same core principles since the 1850s, when a group of weary German workers, tired of being exploited by loan sharks, formed the world’s first credit union by banding together to provide affordable credit to each other.
These principles are derived from the 7 principles shared by all cooperatives. They are:
- Democratic Control
One member = One vote. Whether you have $5 or $5 million, your voice is equal.
- Open and Voluntary Membership
Members are connected by a bond of association, fostering a sense of community.
- Non-Discrimination
Credit unions are open to all without regard for race, orientation, nationality, sex, religion, gender, or politics.
- Service to Members
Credit unions are ranked No. 1 in service in numerous surveys, because they exist to serve members, not profit.
- Distribution to Members
Credit unions return all profits to their members through dividends, lower fees, better savings rates, and improved services.
- Building Financial Stability
Credit unions are historically stable organizations. They’re owned by the people they serve, so they don’t take unnecessary risks.
- Cooperation Among Cooperatives
Credit unions and cooperatives share the same principles. Together, they amplify each other’s good works.
- Social Responsibility
Credit unions strive for social justice by committing to strengthening their communities and helping people of modest means.
- Ongoing Education
Credit unions prioritize financial education for their members, employees, and communities as part of their pursuit of social justice.
This is why we celebrate ICU Day at HOPE. We think ideas like people before profit, social responsibility, and financial education improve lives. It’s why cooperative banking is a key component of helping people across the Mid South get access to affordable financial resources.
So when we wish you a Happy ICU Day at HOPE, know that we’re thanking you for belonging to a movement that’s helping your neighbors—and people around the world—grow and thrive and follow their dreams.
Check with your local branch for open house days celebrating ICU Day 2016 in your area. If you have any questions about the credit union philosophy or how HOPE can help you, stop by your nearest HOPE location.
¹Offer good for HOPE members only. Members must sign up for e-statements during the month of October, 2016. Current e-statement subscribers are not eligible for the promotion. Once an e-statement notification for the November statement cycle has been successfully delivered to the valid email address provided during registration, we will credit $5 to your primary savings account.
