Today is International Credit Union Day. Join us in celebrating the 87,000-plus credit unions located in 118 countries – both for the important role they serve and the positive impact they have on local communities. Here are four impressive facts about credit unions you probably didn’t know….
Over half of all credit unions have a female CEO. In comparison, only 2% of standard banks do. Why does this matter? Research has shown that women leaders improve productivity, collaboration, and fairness, and inspire employees to believe in the company mission. Additionally, about two-thirds of all credit union employees are women.
96% of credit union members report being highly satisfied compared to only 80% of customers of the three biggest national banks Bank of America, Chase, and Wells Fargo. It’s not hard to see why. In addition to historically having lower interest rates and paying out higher returns, credit unions have closer ties to the community. They treat their customers like people, not numbers.
This provides access to credit for many who might otherwise be considered ineligible at a standard bank. The benefits extend beyond the recipients themselves. As studies have shown, influxes of cash in lower-income communities are immediately circulated in the local economy and can create a positive domino effect. Increased spending supports local businesses, which generates new jobs, which in turn uplifts entire communities.
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To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: when you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.