When it comes to understanding historical events, there are some lessons that are universally understood. For example, it is common information that Henry VIII not only famously had six wives in the 16th century, but that he changed the face of religion in England forever. Many know the history of how Neil Armstrong and Buzz Aldrin landed on the moon in the late 1960s, inspiring future generations of astronauts to continue to explore the depths of space. But when it comes to the great lessons in history, few understand how today’s credit unions came to be.
The concept of credit unions, or non-profit financial cooperatives, began in Germany in the 1850s according to Wikipedia. Before this time, a country’s underserved and unserved had to rely on unreliable, risky, and expensive financial services from greedy money lenders. But it suddenly became clear that non-profit financial institutions could be established to properly assist the disadvantaged. Credit Unions soon formed and offered people of all background savings, credit, payment, and insurance services. The clients of the credit unions not only became a partner of the financial institution, but the very presence of that financial institution in a certain neighborhood has a positive benefit on the community. In other words, it was an effective way for people to help people financially.
The idea was hugely successful in Germany and quickly spread throughout Europe, and eventually made its way to the United States. Today, credit unions serve 100 million members in our nation alone, comprising about 44% of the economically active population.
TNConnect Credit Union continues to learn and grow from the rich history of credit unions in our country. We take every measure to ensure you are satisfied with all your financial needs and will do whatever it takes to earn your business and remain lifelong clients. TNConnect has been serving the Knoxville area for a number of years. We take pride in being large enough to provide professionalism and reliability, yet small enough to provide personalized service. To discover more about how we can serve your needs, please visit our website or visit one of our locations today. Like us on Facebook to stay up-to-date on current events and financial tips.
Sources:
https://en.wikipedia.org/wiki/History_of_credit_unions
https://en.wikipedia.org/wiki/Credit_unions_in_the_United_States