International Credit Union Day - What is the credit union difference?
Harrisburg, PA - October 15, 2015 - October 15 will mark International Credit Union Day, a day to celebrate one of the things that makes credit unions different - their purpose of service. On this day, credit unions across the world perform community outreach and participate in service projects.
In addition to their focus on service, credit unions are structurally different from other financial institutions. Credit unions do not answer to corporate stockholders. Instead, because credit unions are not-for-profit financial cooperatives, they are "owned" by their members, and are democratically controlled.
So, what does this mean for PSECU members? Like other credit unions, PSECU is owned and governed by members. Each member is treated equally regardless of how much or little they have in their accounts. As a democratically controlled financial institution, PSECU has a Board of Directors that is elected by members to represent them and vote on important decisions affecting the credit union.
Because PSECU is a financial cooperative, when PSECU earns money, much of that money is returned to members. Money is returned in a variety of ways - through competitive rates, a low- or no-fee structure on products and services, and for the past two years, in the form of a Relationship Reward. The Relationship Reward program allowed PSECU to return a total of more than $30 million to members' accounts since 2013 (psecu.com/getmore).
Credit unions do good throughout the year by serving their members and giving back to their local communities. At PSECU, we support a wide variety of community organizations, such as the American Heart Association, the Central Pennsylvania Food Bank, Junior Achievement, and Children's Miracle Network, among many others. PSECU also values higher education and offers a scholarship competition each year to graduating high school students who are planning to further their education. At the collegiate level, we provide scholarship dollars to participating schools. On participating college campuses, we can be seen supporting campus events, performing Random Acts of Freeness, and providing free financial education programming on topics relevant to students.
While credit unions are dedicated to their members and communities year-round, International Credit Union Day is a day to pause specifically to celebrate all the good that credit unions around the world are doing for their members and their communities as a whole.
Opened in 1934, PSECU was founded by 22 ordinary people who made an extraordinary commitment to each other: To create a financial institution where pooled resources benefit all members. Today, we are a full-service credit union serving more than 400,000 members and have over $4 billion in assets. As a not-for-profit financial institution, our goal remains to help our members and their families achieve a better life.