Credit Union

Fun Facts About Credit Unions

• Some credit unions are over 100 years old. The nation's first was founded in 1908 in New Hampshire, quickly followed by several others which opened in Massachusetts in the following decade.
• Credit unions usually offer lower loan interest rates than big banks. They also usually have higher savings rates, even on basic accounts.
• The advantage credit unions have over big banks is that they are member-owned. So credit union customers are owners, not just account holders. Profits are returned to members via lower fees and better rates.
• Many credit unions originated as small, community-based financial cooperatives formed by groups like teachers, factory workers, or military personnel.
• Credit unions tend to forgive small mistakes, like waiving overdraft or late fees. They are a perfect choice for people who have difficulty balancing their checkbook.
• There are more than 67,000 credit unions across 101 countries worldwide serving over 400 million members. Collectively, they hold about $3.8 trillion in assets and represent 5% of the global population.
• The world's largest credit union, serving about 15 million members with $190 billion in assets, is headquartered in Virginia. Most members are from the U.S. armed forces, veterans and their families.
• The world's smallest credit union is Pennsylvania-based and has approximately $24,000 in assets. There are about 90 members.