International Credit Union Day has been celebrated globally on the third Thursday of October since 1948. Cambrian didn’t come along too much after that: just nine years later!
Cambrian first opened on January 1, 1959 as Co-operators Credit Union, formed from an amalgamation of the Co-operators and Service credit unions. Since then, more credit unions merged, and we took on the name Cambrian Credit Union in 1986.
The word “Cambrian” alludes to the Cambrian period, a time of growth in Earth’s history. This name was chosen to reflect the strength and diversity of its membership from the many mergers.
On International Credit Union Day, we celebrate what credit unions like Cambrian have to offer!
At a credit union, you are a member, and along with all the other members, you collectively own the credit union. This is different from a bank, where customers are clients, and the bank is owned by shareholders, many of whom may not even bank there.
Although credit unions and banks offer similar services, they have different goals. They are both for-profit organizations, but banks are primarily focused on generating profits for their shareholders, whereas credit unions use their profits to provide lower fees and better rates, as well as to give back to their members and the wider community.
Interested in learning more? Read this article about how to switch from a bank to a credit union. To learn more about the differences and the benefits credit unions offer, read this article.
If you’re ready to take that step, book a meeting with a Cambrian advisor today!
Cambrian is one of many credit unions across the globe. International Credit Union Day is intended to raise awareness about the worldwide credit union movement: its history, its achievements, and the benefits it reaps for members.
To learn more about this day, check out the World Council of Credit Unions.
We would be happy to discuss your unique situation with you.
Our goal is to make complex topics like this one, simple.
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