Credit Societies: 1852-1864
Two men, Hermann Schulze-Delitzsch and Friedrich Wilhelm Raiffeisen, were responsible for creating the first true credit unions in Germany in 1852 and 1864. During 1849, Raiffeisen founded a credit society in Flammersfeld, Germany, but it depended on the charity of wealthy men for its support. Raiffeisen remained committed to that concept until 1864, when he organized a new credit union along principles still fundamental today.
Credit unions are not-for-profit financial institutions that offer many of the same products and services as banks—including savings and checking accounts, loans, ATMs and online banking. But it's in the differences that can save you money. Credit unions are owned and controlled by their members, not profit-driven shareholders. That means the average credit union can offer better rates and lower fees.
Learn about joining a credit union today.