When you open an Educators Credit Union account, it all starts with $5. But we bet most of you have never taken a moment to ask yourself, “Why $5?” It’s because that’s the same amount as the first-ever deposit at Educators Credit Union!
Back in 1937, a group of Racine teachers got together. They needed help. The group was looking for a financial that would lend money to them at fair interest rates. Lucky for us, their answer was to create a credit union.
For the credit union to open, it needed its first deposit. That came from Ruth Christensen. Ms. Christensen took $5 of her own money and used it to become Educators Credit Union’s very first member.
That may not seem like much now, but back in 1937, it’d be about $90 today. Instead of adjusting for inflation, we keep it simple and just ask for $5.
International Credit Union Day is Oct. 15 and we’re sharing facts about Educators all month! Check back later for the next in our ICU Day Facts series!