Happy International Credit Union Day

There is only one credit union in Switzerland, but there are co-operative banks, the next best thing. To join a credit union, one has to fit within the common bond, a requirement of credit unions everywhere be it community, employer, religious or social group, etc. The UN common bond is to work for the UN or to be a family member of the employee.

I used to joke, I would ask a UN credit union member to marry me, so I could join and switch from my bank.

In the U.S., I worked for two credit unions: Polaroid Employees Federal Credit Union and Digital Credit Union. The later has grown from Digital President Ken Olson being member number two because he wanted an employee to be number one, and making a small deposit, to over a billion dollars since its founding in the middle 1970s. I was the third employee of the credit union even before it was a credit union, Digital Equipment paying our salaries while we set up the employee benefit. Once up and running we happily became DCU employees.

Later I wrote for Credit Union Times as their international correspondent and then for seven years was publisher of Credit Union Newswire for Canadian credit union executives with 50 issues a year before I retired.

Today is International Credit Union Day, and I encourage anyone who is tired of bank fees and unhelpful attitudes to try and find a credit union to join. By their very nature, profits must be returned to members as higher interest rates, lower loan rates or services. Products can be as sophisticated as a mortgage or as simple as waiving ATM fees.

Credit unions began in Germany in the mid 1800s. In other countries credit unions sprang up to often serve the unserved.

As an experiment in Ireland, all I had to do was say “credit union” and I had a barrage of stories from listeners on how their credit union had helped them. One of their founders was Nobel Peace Prize winner the late John Hume. I had the good fortune to interview him twice, once over a beer and once four years later. He remembered me as he shared that being part of the credit union start meant as much to him as the prize. Both made lives easier for the Irish people.

Credit unions aren’t always small. VanCity in Canada and Navy Federal in the U.S. are among two of the world’s largest credit unions with over a billion dollars in assets.

Credit unions often run programs to help their communities from participating in clean ups to sponsoring community events. The emphasis is on the personal touch. One credit union in Canada has a D.O.G. Director of Greeting, which is a Saint Bernard in each of their many branches, creating a homey atmosphere as members do their banking.

Regulation country to country varies. In England, regulation limited their growth. In Africa they brought banking to villages with technology ahead of the industrialized world.

I’m not unhappy with my co-operative bank, Raiffeisen, which bears the name of the German credit union founder. I no longer can marry a UN employee to join their credit union without upsetting my husband. I still wish there were credit unions in Switzerland.

Happy International Credit Union Day to the 82,758 credit unions in 97 countries serving 404 million people. If you get a chance, join one.