It is the responsibility of all credit unions to offer the best service available to their members, and that means taking the steps necessary to build and reserve the credit union’s financial strength.
The commitment to financial stability is two-sided, because without the financial stability of its members, a credit union cannot survive. This is why credit unions are dedicated to financial education
. According to the International Co-operative Information Centre’s page on the International Credit Union Operating Principles, it is a credit union’s responsibility to:
“…actively promote the education of their members, officers, and employees, along with the public in general, in the economic, social, democratic, and mutual self-help principles of credit unions. The promotion of thrift and the wise use of credit, as well as education on the rights and responsibilities of members, are essential to the dual social and economic character of credit unions in serving member needs. “
This is why Finger Lakes Federal Credit Union works diligently on their blog and Twitter, to share educational financial content that their members may find useful for managing their finances. We partner with credit counseling groups and organizations throughout the area to help our members form better spending habits and cut-down on their debt.
At a time of financial uncertainty, credit unions have remained loyal to “the little guy”—working and middle-class families struggling to provide for their families–while other financial institutions have chosen to invest their time and money into supporting big businesses.
Finger Lakes Federal Credit Union is a cooperative dependent on its employees, board, and members, and as a result, Finger Lakes Federal Credit Union will never taking financial risks that could jeopardize the financial stability of the institution. The Credit Union operates honestly, with fair practices that do not, and will not, threaten the funds our members have entrusted us with.
That’s just another amazing benefit of being a credit union member, and another amazing operating principles that set credit unions a part from any other financial institution.
There is a difference
between offering a not-for-profit service to families and individuals just like you, and charging people excessive interest and fees just for doing their banking. That difference is the Credit Union difference
, and it is a difference we all plan to celebrate on International Credit Union Day
on October 20th.