Credit Unions Celebrate their History & Achievements on Oct. 15, International Credit Union Day

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ALBANY, NY (10/09/2009)(readMedia)-- On Thursday, Oct. 15, credit unions across the state and around the world will celebrate International Credit Union Day with various festivities and promotions. International Credit Union Day commemorates the important role these financial cooperatives have played in their communities since 1948.

Credit unions exist to serve their members, especially during tough times like those we're experiencing today. Instead of issuing stock or paying dividends to outside shareholders, credit unions provide value to the members by returning earnings in the form of lower loan rates, higher interest on deposits and lower or zero transaction fees.

This year's theme – Your Money. Your Choice. Your Credit Union – epitomizes credit unions' longtime philosophy of putting people before profits in order to provide all members with access to affordable financial services.

What makes credit unions unique?:

• Ownership – Credit unions are democratically controlled and member-owned and operated. Each member has equal ownership, regardless of how much money her or she has in savings.
• Not-for-Profit – Credit unions are not-for-profit financial cooperatives that provide a safe, convenient place for members to save money and access loans and other financial services at reasonable rates.
• Social Purpose: People Helping People – Credit unions exist to serve their members, not to make a profit. Every member counts, including those of modest means. This "people first" philosophy impels credit unions and their employees to get involved in their communities and support worthwhile causes.
• Volunteer Leadership – Each credit union is governed by a volunteer board of directors elected by and from the credit union's membership.
• Financial Education– Credit unions place particular importance on providing educational opportunities for their members and communities. Through school visits, programs and events, they serve as leading providers of financial education.
• Trust – This year, more than ever, credit unions have received positive press for being safe and sound institutions during a tumultuous time. Credit union members worldwide can be proud of these accomplishments and rest assured that their money is safe at their credit unions.

In their hundred-plus-year history, credit unions have made the impossible, possible: they have found ways to improve the financial futures of those who stood little chance of gaining credit elsewhere.

Today, more than 4.3 million New Yorkers have chosen credit unions to help them navigate their financial futures.

As with other financial institutions, credit unions are regulated by state and federal agencies. Funds deposited by credit union members are insured by the National Credit Union Administration up to $250,000.

For information on joining a credit union, go to www.creditunionsFORYOU.com.

The Credit Union Association of New York has served as the trade association for the state's credit unions for 92 years. It is the fourth largest association in the country. New York credit unions have assets of more than $48 billion and 4.3 million members. To learn more about the Association, visit www.cuany.org.

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