The Credit Union Difference
Credit Unions are member-owned and operated financial institutions
Typically run by a democratically-elected, volunteer board of directors, credit unions serve members, not stockholders. Any profits are returned back to member-owners in the form of reduced costs, free products and services, better rates, lower fees, and personalized services.
Credit Unions are not-for-profit cooperatives working to improve lives
As not-for-profits, credit unions exist to promote the well-being of their members. We provide affordable products and services to people of all financial means, including many in low-income and underserved communities. Our cooperative structure creates a cycle of mutual assistance towards the common goal of the financial well-being of members. One member’s savings becomes another member’s loan.
Credit Unions are socially and fiscally responsible, tax-paying entities
Contrary to popular beliefs, credit unions DO
pay taxes, including sales, use, real estate, property taxes, and payroll taxes. However, they are exempt from certain taxes, like federal and state income taxes, because they are not-for-profit cooperatives, owned by members, instead of for-profit corporations. Additionally, these taxes would place a disproportionate and excessive burden on member-owners.
Celebrate National CO-OP Month with us!