The rise of credit unions (Early 1900s) (jan 1, 1900 – mar 1, 1915)

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The early 1900s witnessed the emergence of the first credit unions in North America, smaller non-profit banks owned and controlled collectively by its members. These financial institutions revolutionized access to banking for many, particularly farmers and workers who were often marginalized by traditional banks. Since credit unions are non-profit, any earnings a credit union makes are either reinvested into the institution or returned to members in the form of better interest rates on loans or lower fees, leading to the people of the time to consider it an attractive choice compared to profit-driven traditional banks. This led to the rise of the credit unions we know today, such as Servus Credit Union and Desjardins.

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