Credit Unions: An Underutilized Financial Institution

Credit unions are member-owned and member-governed financial cooperatives. The first financial cooperatives were established in Europe in the mid-1800s and spread to North America at the beginning of the 20th century. In Canada, Alphonse Desjardins is recognized for launching the first credit union in Quebec. Desjardins was also instrumental in establishing the first U.S. credit union in Manchester, New Hampshire, in 1908. Twenty-six years after creating the first U.S. credit union, the U.S. Federal Credit Union Act was passed, which was instrumental in providing structure around the credit union movement.

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Dr. Peter Fisher

Dr. Peter Fisher
Peter is the co-founder and CEO of Human Investing and the Author of Becoming a 401(k) Millionaire. He earned his B.A. in Economics from Linfield College and an MBA and a Doctor of Business Administration from George Fox University. His doctoral dissertation is titled: Financial Literacy and Behavior in Credit Unions: An Exploration of Member Financial Literacy and Financial Behavior in the Credit Union Model.

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August 4, 2025

Rolling a 401(k) Account into an IRA: Why you Shouldn't Abandon your old companies' Retirement Plans

August 4, 2025

The typical baby boomer will have an average of 13 jobs over their working career, according to the Bureau of Labor Statistics. While job moves are practically unavoidable, there are both internal and external challenges to navigate. A common mistake that many investors make is abandoning their old company’s retirement plan with the hopes of figuring it out later. If this is you, you’re not alone! According to USA Today, Americans have more than $1.65 trillion worth of lost or forgotten 401(k) accounts.

August 4, 2025

September 29, 2021

Does your Employer offer a 401(k) Plan and Health Savings Account?

September 29, 2021

It’s simple and obvious but a lot of people miss out on this opportunity. Take advantage of your entire 401(k) employer match. If your employer offers a 401(k) match – that’s free money.

If you have taken advantage of your employer’s free money from the 401(k) match, then the next stop is to maximize your HSA. In 2020, the maximum contribution (both employee and employer sources) for an individual under age 55 in 2020 is $3,550. If your employer contributes dollars into your HSA account, then it’s important to verify the contribution program. Here are three ways that companies may structure their contributions:

September 29, 2021