It’s International Credit Union Day!

Today is the day we get to shout from the rooftops how much we love being part of the credit union community. But before we go bragging about how great this community is, let’s back it up a few steps.

So, what is a credit union?

A credit union is a not-for-profit financial institution. Seems like an oxymoron, right? We assure you, it’s not.

Eligibility for memberships at a credit union is determined by where you live, work, worship, attend school or the organizations you belong to. For example, Emery is able to accept memberships from someone who lives, works, worships or attends school in either Butler, Warren or Hamilton county. Also, if your family member is a member of Emery’s, you could be a member regardless of where you are geographically.

What makes a credit union different?

Now starts the bragging.

A credit union is special because it serves your direct community and puts members first. Yes, banks also have plenty of marketing pieces that are directed toward the idea that they put their account holders first. Here’s the thing: they can’t.

In a bank, they need to answer to their shareholders. These shareholders are the investors that receive financial compensation from the bank’s profits. Any profit made by the bank is put back in the shareholders’ pockets. No matter how much they care about their account holders, there are limited ways to put their needs in front of the bottom line.

At a credit union, any profit made goes directly back to the members. That means, when we make a profit, we do things like raise savings rates or lower interest rates on loans. This usually results in lower fees as well.

Because the foundation of credit unions is built on people helping people, there are typically more opportunities for someone who has fallen on financial hardship. Our greatest goal is helping people get their life back on track.

Why should I choose a credit union?

Our best answer: Because we care about you.

We care about helping you in your financial future. We care about giving back to you and the community. We care about being the best financial institution we can be for our members.

Basically, credit unions can provide personalized, ongoing support to help you reach your financial goals.

Happy International Credit Union Day!