Why Credit Unions are The Best Value for YOU!
A Brief History of Credit Unions
What do you value?
Many people value a nice home or a new car in the garage. Others value their families and work hard to ensure a secure future for their loved ones. Still others value giving back to the community. Credit unions care about the things you value in life and work to help you achieve a better way of life.
Did you know that credit unions offer a better value for your money? Credit unions typically offer higher returns on savings and lower rates on loans. Why? Credit unions are nonprofit cooperatives that value people before profits. Credit unions are also a safe place to save your money. The National Credit Union Administration, an agency of the Federal government, insures credit union deposits.
Credit unions can guide you toward a better way of life through financial education and counseling. Credit union employees are likely to share car buying tips while processing an auto loan. Many credit unions offer home buying or retirement planning seminars free of charge. A good number of credit unions visit local schools to teach children about wise money management.
Credit unions make giving back to the community a regular part of doing business. Whether it's raising thousands of dollars for local charities or providing financial services to low-income residents, credit unions believe in empowering the communities they serve.
If you are looking for a better value, look no further than a credit union.
Credit Unions in Hawaii
Credit unions in Hawaii are deeply rooted in island culture. Long before the first credit union in Hawaii was chartered, early plantation workers understood the concept of “tanomoshi” – the pooling of money by a group of friends for the purpose of making low-cost loans to each other. In 1936, a group of teachers on the Big Island pooled $30 to form the first credit union in Hawaii. Several other credit unions were chartered in the next two years.
Credit unions have helped island residents in ways other financial institutions would not. In the early days, a farmer could count on his credit union to lend him money to cover living expenses when crops were not abundant. A young family could count on the credit union for a low-cost auto loan or as a place to save for a college education. The credit union was the only place many island residents could save and borrow to make betters lives for their families.
As Hawaii grew, so did Hawaii’s credit unions. Today, many credit unions are full-service financial institutions offering a wide array of products and services to meet the needs of consumers. But no matter how big or small, credit unions are still non-profit financial cooperatives whose mission is to serve the financial needs of its members/owners.
The Hawaii Credit Union League is proud to be the trade association for credit unions in Hawaii and Guam. Founded in 1937, the League has been a unifying force for credit unions and strives for nothing less than excellence in serving credit unions in the areas of education, advocacy, representation, and so much more.