ESP Wishes a Happy International Credit Union Day

As a company that has served credit unions for nearly thirty years, we have great respect for the work that credit unions do in their communities and honor them on International Credit Union Day. At Enhanced Software Products, Inc. (ESP), we truly admire their efforts to strengthen their membership with the philosophy of "people helping people."

First off, unlike banks, credit unions are a financial cooperative that is owned by its membership and not some corporate entity or private investors. This means members have a say in how the credit union operates. Members elect, from their ranks, volunteer board members who hold the credit union leadership accountable. Plus, in order to join a credit union, you must meet the eligibility requirements for membership, which can include geographic location, worshipping with a specific group or working at a particular employer.

Secondly, credit unions are not-for-profit entities; their mission is to look after the financial well-being of their members. Credit unions also positively impact their local community by reinvesting profits in lower mortgage rates, higher interest on savings accounts, and reduced fees for services, which keeps the financial influence of the credit union localized to the communities they serve.

Thirdly, credit unions prioritize financial literacy. They offer services that educate members on financial wellness and provide personal credit counseling. This ultimately benefits the credit union with higher loan repayment rates and higher deposits - a win-win!

ESP is proud to help, in a small way, to further the good work of credit unions in the community. ESP President Shaun Murray states, "It has been a pleasure serving credit unions in their efforts to better their communities. We can see the dramatic positive impact the credit has on its membership and wish them a happy International Credit Union Day."