Big day celebrates success of credit union movement
International Credit Union Day has been celebrated on the third Thursday of October since 1948.
The day is recognised to reflect upon the credit union movement’s history and to promote its achievements.
It is a day to honour those who have dedicated their lives to the movement, recognise the hard work of those working in the credit union industry and show members appreciation for their support.
Lanarkshire Credit Union was founded in November of 1991, back then known as Blantyre Credit Union.
Over the past 25 years they’ve built up an adult membership of 12,800 and over 6000 junior savers.
The Lanarkshire members hold over £12,500,000 in savings and over £6,000,000 in loans.
A credit union is a financial cooperative owned by its members, which offers a savings and low cost loans service to its members.
Credit unions basically work by members saving together to create a pool of money from which low cost loans are made.
They are not-for-profit financial cooperatives guided by nine principles, including democratic control, social responsibility, and returning all profits to members.
This year’s theme is “The Authentic Difference,” a description of credit union’s cooperative structure and principles. Lanarkshire Credit Union celebrates ICU Day because it believes banking should be principled. The aim of the credit union is: To encourage members to save regularly.
To provide low cost loans to members.
To encourage careful money management among members.
To develop a sense of cooperation and community.
Credit Unions have become integral parts of our communities.
Traditionally, credit unions have been small, non-profit financial organisations set up by members with something in common to benefit their community.
Many credit unions offer products online and most have some form of commercial premises.
There are now about 500 credit unions in the UK, and about a million Brits are members - and this number is increasing every day.
They’re there to provide a financial community.
On ICU Day, Lanarkshire Credit Union joins the 217 million credit union members around the world in celebrating the people-first principles that have helped lift people out of poverty and strengthen communities all over the globe.
The public is welcome to stop by and celebrate with Lanarkshire Credit Union a movement that concerns itself with the financial success of all people.