Hawaii State FCU member difference
Credit unions around the world celebrate International Credit Union Day every third Thursday in October. This year, the anniversary is on October 18. While this year is the 70th anniversary of ICU Day, many credit unions in Hawaii have been around for more than 80 years. We wanted to find out why people want to belong to a credit union so we spoke with some members at one of the state’s largest credit unions, Hawaii State FCU. Host Kanoe Gibson visited the main branch at 560 Halekauwila Street to find out specifically what makes a credit union so special to its members.
What she learned was the philosophy behind the idea of “people helping people” is interwoven with Hawaii State FCU’s “Always Right By You” promise, where members are always the main focus. Kanoe spoke with several members and each one had a unique story to tell, including the differences they experience when using a credit union versus a bank. They are were quick to say there is a huge difference.
Hawaii State FCU prides itself on being able to provide members better rates and lower fees, all with a personal touch. The experts are also committed to helping people make smarter financial decisions and offer a lot of free resources to help local residents better manage their money. At the end of the day, Hawaii State FCU always remembers that members are the credit union’s owners, unlike the shareholders at a bank.
Hawaii credit unions have a long history in Hawaii. Combined membership at Hawaii credit unions increased at annualized rate of 2.1% in the first half of 2018 with more than 832,000 members. Hawaii credit union market share is 17.1% compared to 7.4% of Mainland credit unions, and 3 out of every 5 Hawaii residents are credit union members.