Celebrating 90 Years: How Credit Unions Put People First

When it comes to managing your hard-earned money, it’s important to choose a financial services provider that makes your needs their top priority. 

Credit unions are uniquely focused on helping people reach their financial goals, whether that is saving for the future, buying a car, or reducing debt. That’s because they are not-for-profit financial cooperatives owned by their members and part of a larger Movement that has helped generations of Americans build a better life. 

A Brief History of the Credit Union Movement in America

The credit union concept in America dates to the early 1900s when it was difficult to be approved for a traditional bank loan unless you could guarantee repayment. That put the dream of homeownership beyond reach for most people. In addition, business owners and farmers often faced financial ruin when they couldn’t access credit in times of crisis. 

The earliest U.S. credit unions formed when neighbors and co-workers pooled their funds to provide low-interest loans. This idea of cooperative credit spread quickly, with many states passing laws that allowed credit unions to form under state charters. In June 1934, the National Credit Union Act was signed into law, paving the way for more credit unions to organize and operate with federal oversight. Today, more than 140 million Americans belong to a credit union and benefit from being part owners in an independent financial cooperative. 

Lanco Federal Credit Union is proud to continue this tradition by serving our 10,000+ members and helping them succeed in their financial goals. Lanco FCU was founded in February 1965 by a group of teachers to serve school district employees, and expanded membership eligibility in 2001, to benefit all individuals and businesses in Lancaster County, PA.

Why Are Credit Unions Unique?

The Credit Union Movement’s founding principles of cooperative banking are based on thrift and voluntary membership. Credit unions are owned and controlled by members who earn interest on products they use. Credit union accounts, called shares, are insured to protect members’ savings, just like funds would be in a bank. 

At Lanco FCU, our members are owners, and we protect their savings with insured accounts while offering competitive rates on all financial products.

Service tailored to you 

Credit unions customize services for each member. Since they have no sales quotas to meet, they can recommend the best products for each member’s individual situation. 

Lanco FCU provides personalized service, ensuring that each member’s needs are understood and are given appropriate recommendations. 

Better rates: lower fees 

Credit unions return profits to members through lower interest rates and fees. Similar to a bank, credit unions may offer savings and checking accounts, credit cards, mortgage, auto, and small business loans. However, their rates are typically lower than traditional banks. 

Lanco FCU returns profits to members through competitive rates, rewards programs, and lower fees. 

Shared branch network 

Not long ago, credit union members could only make transactions at their local credit union. Through a program called Shared Branching, members of participating credit unions can access their accounts through national networks of 5,000 credit unions and 30,000 surcharge-free ATMs. 

Lanco FCU participates in the CO-OP Shared Branching Network, which allows our members to access account services at over 5,000 credit union branches nationwide. 

Credit unions improve communities 

As a local business member, credit unions are committed to improving the community where members live and work. They often sponsor financial education and support other community programs. 

Lanco FCU is invested in the wellbeing of our members, neighbors and local economy. We actively support the Lancaster community through sponsorships, volunteer activities, and financial education initiatives. 

Financial education is a priority 

Credit unions are deeply committed to promoting financial literacy and empowerment within their communities through comprehensive financial education and coaching programs that help members understand budgeting, saving, investing, and credit management. 

Lanco FCU is dedicated to enhancing financial literacy throughout Lancaster County through educational workshops and volunteering. 

The Credit Union Movement in America is alive and thriving at 90 years, with more than 4,500 credit unions focused on helping people advance along their financial journey. At Lanco Federal Credit Union, our mission is to help members achieve their life goals by promoting financial health and providing affordable access to credit. With our members’ trust and loyalty, we continue to fulfill this mission by offering financial education resources, competitive savings programs, and low-interest loans with flexible terms, ensuring our members can confidently manage their finances and achieve their aspirations.