International Credit Union Day
Thursday, October 17th
In celebration of International Credit Union Day, we're giving away (3) $100 gift cards.1
Stop by your local branch, go online or visit one of our Interactive Teller Machines (ITM). Members that complete a transaction at one of our branch locations or ITMs with a Teller or through online banking during our normal business hours on October 17, 2024 will automatically be entered for a chance to win a gift card. We will notify the three winning members on October 18, 2024.1 Good Luck!
What is International Credit Union Day and why is it observed?
On October 17, 2024, credit union members around the world will celebrate International Credit Union Day®, a day commemorating the credit union movement’s impact and achievements. This year makes the 76th anniversary of this event, celebrated under the theme One World Through Cooperative Finance.
Credit unions are financial institutions, but they’re also part of a progressive social movement designed to help everyday people gain control over their finances. While traditional banks keep large chunks of their earnings as profits for shareholders or trustees, credit unions try to make only enough money to keep the institution going, redistributing profits back to their members in the form of lower interest rates on loans and higher interest rates on savings.
The credit union movement began in 1852, when Franz Hermann Schulze-Delitzsch founded the first credit union in what is now called Switzerland. He was hoping to find a way to alleviate the problems of a recent drought and resulting famine, but banks were unwilling to extend loans to farmers that were behind on their payments.
Founding a “people’s bank,” Schulze-Delitzsch extended loans to those who needed them, bridging the gap between the drought and prosperity in the region. By 1864, credit unions had spread to Germany, and by the end of the 19th century, the movement had reached urban centers throughout Europe. The idea of a banking system for the people spread quickly, which isn’t surprising when you consider that a message built around the idea of letting members control their own money is as sensible as it is exciting.
By the early 20th century, credit unions had reached North America, where they took off almost immediately. The idea was introduced by Alphonse Desjardins, who was stirred to action by the story of a local citizen who had been ordered by a court to pay $5,000 Canadian Dollars (CAD) in interest on a loan of $150 CAD.
During the 20th century, credit unions exploded in size and variety. Today there are about 82,000 credit unions in 98 countries, spanning six continents and serving more than 403 million individuals and businesses.
1The Health Advantage Federal Credit Union (Credit Union) is giving away three (3) $100 gift cards. A member is only eligible to win one (1) gift card. Members will automatically be entered for a chance to win a gift card by completing a monetary transaction, such as a deposit, withdrawal, transfer, loan payment, etc., at a Credit Union branch or ITM with a Teller or through online banking on October 17, 2024 between 8:30AM through 5:00PM EST. Member must be at least 18 years old and have an open account in good standing with the Credit Union. Other restrictions may apply. The primary member on an account will be notified by phone or email on October 18, 202 if they have won a gift card. The winning member will have 24 hours to respond and claim gift cards. If the winning member does not respond, the gift card is forfeited or is not claimed within 24 hours, the gift card will be awarded to the first alternate. Winning members are solely responsible for all applicable federal, state and local taxes and any expenses associated with the prize, unless otherwise indicated.
