In 1924, Roy Bergengren, one of the architects of the credit union movement, reflected on how credit unions help people achieve their dreams.

“The credit union is, in fact, a bridge,” Bergengren wrote. “It may be the bridge over which the tenant farmer travels the wide gap that separates him from ownership. It may be the way that opens the great land of opportunity to the wage worker, who finds his savings the ‘open sesame’ to broader possibilities for himself and his family.” 

Twenty-four years later, in 1948, credit unions began celebrating their philosophy and achievements every year on the third Thursday in October. The theme for International Credit Union Day 2017 is “Dreams Thrive Here.” It hearkens back to Bergengren’s sentiment about how effective credit unions like Congressional Federal are at helping all people chase and achieve their biggest dreams in life. Credit unions serve as catalysts to make different professions, personal choices and career paths real.

This is because, unlike other financial institutions, credit unions are not-for-profit, so their primary purpose isn’t to score record profits in order to cut distant shareholders bigger dividends checks. Rather, the primary purpose of credit unions is—and always has been—to be of service to their members. That means you. 

This people-first philosophy doesn’t just mean better service: It translates into a better financial deal for consumers. Credit unions, on average, offer higher rates of return on savings accounts, lower rates on loans, and fewer and lower fees than other financial institutions. 

Data collected by the Credit Union National Association show that through the first half of 2016, credit union members saved $9.3 billion over what they would have paid at banks: $1.9 billion through higher yields on savings, $1.2 billion on lower fees, and $6.2 billion on lower loan rates. 

As is our tradition, we will celebrate International Credit Union Day with a potluck lunch and flag display. We celebrate the cultural richness and diversity of our staff by encouraging everyone to bring in a dish to share and by decorating our café with flags representing our many heritages. 

There is a contest for the best potluck dish, and the competition is stiff. But there’s no contest when it comes to benefits of credit union membership. Learn more about the benefits of membership at Congressional Federal, and remember: Your dreams thrive here.