As the 20th century dawned, the credit union idea surfaced in Canada. Canada's successful efforts influenced two Americans: Pierre Jay, the Massachusetts banking commissioner, and Edward A. Filene, a Boston merchant. The two men helped organize public hearings on credit union legislation in Massachusetts, leading to passage of the first state credit union act in 1909.
Today, there are 86,000 credit unions in 118 countries that serve more than 375 million members.
Like banks, credit unions have financial products, such as savings accounts and certificates of deposit. The main difference is that banks are for-profit and credit unions distribute their profits among their members. Credit union deposits are insured UP TO $250,000 by The National Credit Union Administration (NCUA). Bank deposits are insured by FDIC.
Whether you need a loan to cover unexpected medical bills, a car loan, or a mortgage, your credit union is making a difference for its members.
Credit Union Week, is Oct. 17-21.
