Each year, on the third Thursday of October, the world takes pause to celebrate International Credit Union (ICU) Day, honouring the unique role that Credit Unions play in building better financial futures for their customers and communities. Credit Unions such as ours were born from the need to support their communities financially, consequently becoming a customer-driven alternative to traditional banking.
In 2024, we celebrate a significant milestone—75 years of celebrating the ICU Day recognising these customer-focused financial institutions. This year’s theme, “One World Through Cooperative Finance,” emphasises the global impact Credit Unions have in fostering customer-driven banking alternatives and strengthening local economies.
The world of finance looks different for most people. Different needs are met with a wealth of solutions across the financial sector. There are banks and many other types of financial institutions, all bringing something different to the table. Some people might even still be using the pillowcase-under-the-floorboard’s solution. International Credit Union Day, for us, is a chance to celebrate how we have impacted the lives of our customers, communities and the connections we’ve built along the way.
Credit unions were cultivated with a ‘people helping people’ philosophy. And unlike traditional banks which are for-profit and owned by shareholders, we are owned by our customers and reinvest profits into those we serve. We’re proud to play an active role in promoting community growth and financial well-being. With decades of experience serving our customers, we offer a wide range of products—including savings accounts, term deposits, transaction accounts, home loans and more—all designed to support our customers through their financial life stages.
So, what about our communities? We are proud to support multiple local community partners across social, economic and environmental initiatives, and engage on one-off donations such as our annual Customer Survey where we donate $1 per completed survey, this year it was Our Kids.
But we don’t stop there. Our team regularly volunteers to support local environmental initiatives, including beach cleanups and river rewilding programs in collaboration with Positive Change for Marine Life (PCFML). And next month, on November 21st, we’re proud to partner with the Stand Up for the Wildlife event to raise funds for the Byron Bay Wildlife Hospital.
These are just some of the reasons we’re celebrating ICU Day. To recap on the differences between banks and credit unions and why we have a whole day to celebrate, here are some main points:
- Customer-Driven: You’re not just a customer—you’re an owner. As a customer-owned institution, you have a voice in how we operate.
- Community Investment: Profits are reinvested to provide better financial solutions or support those we serve. Think of it as ‘ethical banking’.
- Accessible Financial Solutions: we pride ourselves on being easy to bank with, offering in-branch, over the phone or digital banking solutions, equipped with products designed for every financial life stage.
International Credit Union Day is the perfect opportunity to discover the credit union difference. We’re here to show you how a customer-focused banking alternative like SCCU can support your financial well-being while making a positive impact on the community you love.
Visit your local SCCU Financial Service Centre or get in touch with us today to learn more about becoming part of a financial institution that truly prioritises people over profit. Together, we can make a difference—one customer at a time.
