International Credit Union Day

Since 1948, International Credit Union Day has been celebrated on the third Thursday of October. On this day we celebrate the spirit of the global credit union movement. This is a day to reflect on the history of the movement, celebrate achievements, and share experiences.

Where it all began

In 1846 Germany suffered from a crop failure that led to famine. Hermann Schulze-Delitsch took it upon himself to make a difference in his community. He founded a cooperatively owned mill and bakery but wanted to more. In 1852 he founded the first “people’s bank” which provided credit services to entrepreneurs. Meanwhile, Friedrich Wilhelm Raiffeisen established a credit society also in Germany in 1849. His credit society grew until in 1864 he organized a credit union for farmers.

Credit Unions Come to North America

Credit Unions grew popular throughout Europe and to communities around the world. In 1901, Alphonse and Dorimene Desjardins founded La Caisse Populaire de Levis. With a simple deposit of ten cents, he began the credit union movement in North America. Shortly after the credit union’s successful launch, Alphonse teamed up with two Americans, Edward Filene and Roy Bergengren to establish credit unions in the United States.

Credit Unions Today

Today, Credit Unions are well established throughout the world. There are credit unions in 118 countries and 375 million members worldwide. We have endured financial storms through the years and due to the movement’s principles and self regulation; have never needed a government bailout. Credit Unions are still the most trusted financial institution and will continue to stay true to their purpose of “people helping people” into the future.

How to get involved

This year, for International Credit Union Day, we will be highlighting credit unions from around the world, past and present. We will have signage in English and Spanish for all of our branches. We are sending out coloring sheets for you and the members to use. Get creative, and then submit your entry to see who is the most creative in their International Credit Union Art for a chance to win a free coffee! We will also have a large social media presence centered around International Credit Union Day.