11 Fun Facts About Credit Unions

Did you know…

1. 73% of millennials do not know that credit unions are not-for-profit, member-owned financial institutions.
2. Credit unions can offer better rates on savings accounts, lower interest rates on loans, and little or no fees on accounts because they are exempt from federal taxes. 
3. President Franklin Roosevelt signed the Federal Credit Union Act in 1934 to promote thriftiness and prevent usury during the Great Depression.
4. Credit unions are not-for-profit institutions and are owned by the people they serve.
5. 82% of current credit union members have recommended their institution to others.
6. Many credit unions have partnered together to form a network called, Co-Op Shared Branching, which gives members access to over 5,000 credit unions worldwide.
7. Once you are a member of a credit union, you can remain a member regardless of what happens to your original qualifications. “Once a member, always a member.”
8. ACCU has been serving Christians' financial needs for more than 5 decades!
9. Free ATM access can be as widespread as a big bank. Many credit unions belong to nationwide ATM networks. This gives you surcharge-free access to thousands of ATMs around the country.
10. To join a credit union, you must be eligible for membership. Members of each credit union share a "common bond," such as working for the same employer, belonging to a particular organization or church, or living in the same community.
11. Credit unions have been able to keep up with the times and offer a variety of services, such as:
    • Direct deposit
    • Financial education/counseling
    • Shared branching
    • Electronic banking
    • ATMs
    • ACH origination
    • Overdraft protection
    • Home equity loans
    • Mortgage loans
    • Member business loans