By Frank J. Diekmann
A million years ago when a mobile banking problem meant a car broken down in the branch drive-through and “engagement” meant a young bride’s parents might be meeting with a loan officer, I very much recall being part of a conversation among some CU folk about how powerful it could be if every credit union in the country could get out into its communities all on the same day.
It was wishful thinking, of course, as crazy as the idea people wouldn’t need to bring their paycheck to the branch every other Friday or that younger people—or any people—wouldn’t get married anymore.
And yet here we are in 2019 as more and more credit unions joined in a national day of service that has gotten widespread headlines and attention, and the 2020 vision looks like it will only get bigger.
As CUToday.info reported extensively here, credit unions across the country kicked off International Credit Union Week on Columbus Day/Indigenous Peoples Day by taking advantage of the banking holiday and heading into their communities to conduct everything from huge financial literacy initiatives to volunteering at a Ronald McDonald House.
This is an effort that deserves to only get bigger. It’s good for communities, good for credit unions, good for members and good for employees (even if it means giving up a day off).
Talkingpeople helping people is nice. Demonstratingpeople helping people is better, as its not just more effective it’s attention getting and values reinforcing.
If your credit union did something this year, congratulations. If it didn’t, start making plans to do so next year—and bring other credit unions along with you.
Struggling With Finance 101
Just because a young person has been admitted to even the finest of colleges (without the half-mil “donation” to get them a bogus crew team scholarship), it doesn’t mean they have more than a grade school understanding of finances and credit unions.
If you missed the kick-off article, CUToday.info has joined with Zogo Finance for what will be a 10-part series of Q&As with college students about their history with and understanding of money.
The interviews are revealing, showing no great sense of loyalty to any institution but also no great dissatisfaction or desire to leave. Most like the concept of CUs after it is explained, but also not strongly enough to move accounts.
When two members of Generation Skeptical are given a description of how a CU works, one responded, “It sounds good. What’s the catch? Is there no catch? Why wouldn’t everyone use a credit union?”
Another observed, “I’m sure in theory that they’re great, and I like the idea of a bank where you’re more valued. At the same time, I’m sure there’s a reason that not everyone is doing it. I just don’t know what that reason is.”
Asked another, “How do you become a part of a credit union? The one I was talking about is for state employees, so I assume you get these benefits if you work for the government. Can I just like join one? Like, do I have to be part of a union or something? Can a random college student join a credit union?”
You can find the second in the series here.
A History Lesson
It isn’t just college students who aren’t familiar with credit unions—it can be credit unions.
During the California and Nevada leagues’ REACH Conference this week, several prominent CU leaders referred to the birth of CUs in the United States in 1929 on multiple occasions. The first CU in the U.S., St. Mary’s Bank, officially opened its doors in Manchester, N.H. 20 years earlier, in 1909. By 1929, dozens of states had created enabling legislation to create credit unions, and just five years later the Federal Credit Union Act would be signed by FDR.
Just in case there’s a quiz.
Frank J. Diekmann is Cooperator in Chief at CUToday.info and can be reached at Frank@CUToday.infoand @FrankCUToday.