Celebrate International Credit Union Day – October 20th

Credit Unions: A History of Community and Ownership

This is the story of an idea. A simple idea: that people could pool their money and make loans to each other.

It's the credit union idea, and it evolved from the cooperative activities of early 19th century Europe. The first of these cooperatives was an 1844 marketing cooperative organized by a group of workers in Rochdale, England. That same year in Germany, Victor Aime Huber began developing and publicizing some of the early European cooperative theories. The idea of credit societies was a part of this effort.

Credit Societies: The Birth of Credit Unions

Moved by the crop failure and famine that had devastated Germany in 1846–1847, Hermann Schulze-Delitzsch and Friedrich Wilhelm Raiffeisen created the first true credit unions in the mid-19th century. After organizing a cooperatively owned mill and bakery, Schulze-Delitzsch founded the first "people's bank" in 1852 to provide credit to entrepreneurs in the city. Raiffeisen had established a credit society in Flammersfeld, Germany in 1849 that depended on the charity of wealthy men for its support. He remained committed to that concept until 1864, when he organized a new credit union for farmers along the principles of cooperative interdependence, a community-first mentality and a volunteer management structure that are still fundamental today.

The credit societies in Germany, and similar institutions founded by Luigi Luzzatti in Italy, were the forerunners of the large cooperative "banks" which abound in Europe today.

Where and How We Celebrate Today

Members around the world celebrate this special day in a number of ways. Some sponsor open houses, picnics, fairs, festivals and parades; others hold athletic competitions and essay or art contests for young members. Public gatherings with visiting dignitaries have effectively attracted media attention and public involvement, as have educational and public service events.

As your credit union joins in this unique and exciting celebration, remember that you are joined by more than 375 million members in 118 countries who also recognize and celebrate the credit union difference!

Experience What APCI Federal Credit Union has to offer our members.

• Flexibility - APCI FCU offers products and services to meet varying member needs, including interest-bearing share savings and share draft checking accounts, IRA accounts, debit and credit cards, vehicle, real estate, and personal loans, and electronic banking services.
• Low/No Fees - Enjoy low to no account fees, including no monthly debit card fee, no monthly share draft checking account fee, no per check charges and no minimum balance required on our share draft checking account.
• Convenience - APCI FCU members have access to several surcharge-free ATM networks across the country - meaning access to thousands of ATMs nationwide. Plus, enjoy the convenience of our APCI eCU suite of electronic banking services.
• Great Rates - APCI FCU offers competitive, and often among the best, share savings and loan rates.
• Safety and Trust - APCI FCU's conservative business model has delivered consistently strong financial results. Deposits in APCI FCU are federally insured through the National Credit Union Administration (NCUA) and are protected to the same extent bank deposits are protected through the FDIC.

Thank you for your continued support. We look forward to helping you reach your financial goals in the years to come.

Source: CUNA.gov