With the emergence of large credit unions in today's financial marketplace, it has become all too easy to lose sight of what makes credit unions unique. Some credit unions have grown so large and their service has become so impersonal that a member could easily forget that they belong to an organization which has a mission to serve its members first. In fact, the baking industry has tried, unsuccessfully so far, to exploit this development in its attempt to repeal the tax-exempt status of credit unions. In response to banking industry attacks, the credit union movement observes International Credit Union Week each year during the third week of October to ensure that members and public awareness remains focused on the uniqueness of credit unions.
Unlike banks, credit unions were not formed for the purpose of providing their investors with a return on their investment. Credit unions first emerged in the industrialized world in Germany during the mid nineteenth century as credit societies in rural areas. At that time, many small farmers found themselves in perpetual indebtedness to money lenders and unsures who charged such exorbitant rates of interest that a framer often might not realize enough income from the sale of the harvest to pay back the debt. In response, farmers in these small communities organized credit societies whereby they pooled their financial resources to allow members who had borrowing needs to borrow at low rates of interest from fellow community members who had accumulated wealth. The poorer farmers thereby benefited from this valuable service, as did the wider community.
Today, credit unions operate in very much the same manner, although they now offer a much wider array of services than the original credit societies did. In fact for most credit union members, their day-to-day experience with their credit union revolves around transaction-based activity. While credit union members can benefit from the lower fees and minimum balance requirements which credit unions offer, the most important benefit a member can reap from credit union membership is access to credit a rates which are significantly less than rats offered by banks. Credit unions also offer other important services such as credit counseling which helps members to learn how to use credit in a sound manner.
So join us in celebrating the uniqueness of credit unions by joining a credit union today. All members of the Lexington Food Cooperative Market and the Parkside Community association are eligible to join the Buffalo Cooperative Federal Credit Union. We offer a wide selection of financial services and personal service. Call us today! We can be reached at 881-3767 between 2:30 PM to 6:00 PM on Monday, Tuesday, Thursday and Friday, or on Wednesday by appointment. Our office are located at 425 Elmwood Avenue, Buffalo, New York 14222.
