USD Federal Credit Union receives charter The National Credit Union Administration approved a community charter to USD Federal Credit Union on Aug. 25.
In the past USD Credit Union services were only available to select employee groups. With the expansion, anyone in Clay County is now an eligible member. Along with the expansion the name has been changed to Vermillion Federal Credit Union.
Annually, one week is recognized internationally as International Credit Union Week. This year it is Oct. 15-21. Vermillion Federal Credit Union will spend the week celebrating not only International Credit Union Week, but its expansion and name change.
The public is invited to stop by the office at 105 E. Cherry Street anytime that week for refreshments, and to sign up for a prize. A reception is planned for Thursday, Oct. 19 between 3 and 5 p.m.
The credit union idea was born in 1849 when the mayor of a small village in Germany wanted to help his people recover from the physical and financial devastation caused by the Napoleonic wars. His plan was for people to pool their small but regular savings and give out low interest loans. His plan worked well and the idea quickly caught on and spread across Europe.
The United States saw its first credit union established in Manchester, NH in 1909 � based on the same principals of pooled savings and low interest loans. Today, there are over 11,000 federal credit unions with membership growing rapidly. The popularity of credit unions is due to many contributing factors, but the primary one is the quality of service they provide to members.