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Where have the Credit Unions gone?

In the beginning...

Credit Unions offered the everyday person loans that helped them achieve their dreams and gave their members loans when the banks would not.

Credit Unions starting to act like banks and change their names to “Mutual Banks”

Instead of disrupting the banking industry, Credit Unions effectively became Banks. Instead of continuing to make banking simple, they made it complicated and have struggled to remain true to why they started in the first place. It’s the reason why many people don’t understand Credit Unions. It’s also the reason so much time and money is spent trying to explain the difference between banks and Credit Unions.

Credit unions are not banks. Credit Unions are cooperatives.

“Cooperative is something you belong to and the more you contribute the better the community gets and the better you are within that community. So when you choose a credit card with a Credit Union, you’re helping your community. When you put money into a savings account, you’re not just securing your future; you’re helping someone afford theirs (through loans).” This community and social responsibility coupled with technology and personal touch is the future of banking.1

1 …. Taken from article Credit Unions: Once in a Millennial Opportunity by Jason Vitug