Celebrating International Credit Union Day
Sponsored by Hawaii State FCU
Each year, the third Thursday of October is recognized as International Credit Union Day. 56,000 credit unions around the world have an opportunity to remind the community of the not-for-profit cooperative spirit that all credit unions share. Hawaii State FCU has provided some life-changing opportunities for Hawaii families, friends, and neighbors – from helping them buy their first home to paying for their education or starting a business.
So what is the main difference between a credit union and a bank? While many credit unions today offer the same products and services as banks, such as mortgages, credit cards and investment services, the main difference is that a credit union is member-owned, meaning profits go back to benefit its members in the form of better rates and lower fees. Banks are accountable to private shareholders and that key fact often drives decisions on what’s best for customers.
When Hawaii State FCU was founded in 1936, it got its start in a small closet in the basement of the territorial office building before Hawaii even became a state. That was its home for 34 years! Back in the 1950s, Hawaii State FCU only had five credit union employees who provided services to territorial government employee members and their spouses, helping about a dozen members on an average day. Addressograph and mimeograph machines were used to get notices out to members.
Today, Hawaii State FCU now serves more than 110,000 members at 10 branches on Oahu and Maui. It has more than 350 employees and provides members with top-of-the-line technology to conduct transactions in its branches and on the go.
People often think credit unions are hard to join, but it’s actually a lot easier than you might think! At Hawaii State FCU, you can join if you are:
– Related to or live in the same household as a current member
– Active or retired employee of the State of Hawaii
– Active or retired employee of the City & County of Honolulu or Maui County
There are even hundreds of other ways you can join! Chances are many of your friends and neighbors belong to a credit union. In fact, 1 out of 10 Oahu residents are members of Hawaii State FCU and 60 percent of Hawaii residents belong to a credit union. Consider joining today!