Become a Member

A Credit Union is the only financial institution based upon the principle that members share a common bond of employment, association, or community. The common bond not only makes the credit union movement unique, it also has deeper implications in the lives of credit union members. Your credit union common bond is not just a principle; the common bond reflects a community of interest, a community of members united through shared experiences and goals. At the credit union you are truly a part of a vital economic association that influences and betters your life.

What is the Credit Union Difference?

New federal laws and regulations are changing the structure and face of the financial services industry. In this time of accelerating change, it is important to truly understand how credit unions are unique and different, and why we remain a necessary and extremely popular financial alternative for more than 82 million Americans.

Not-for-profit

Credit unions are not-for-profit financial cooperatives. We exist to serve our members, not to make a profit. Unlike most other financial institutions, credit unions do not issue stock or pay dividends to outside stockholders. Instead, earnings are returned to our members in the form of lower loan rates, higher interest on deposits, and lower fees.

Taxation

Credit unions do pay taxes, sales taxes, and property taxes. Congress exempts credit unions from federal income taxes. The exemption was established in 1937, affirmed by statute in 1951, and re-affirmed in 1998 in H/R/ 1151, the Credit Union Membership Access act, which states:           

“Credit unions, unlike many other participants in the financial services market, are exempt from federal and most State taxes because credit unions are member-owned, democratically operated, not-for-profit organizations generally managed by volunteer boards of directors and because they have the specified mission of meeting the credit and savings needs of consumers, especially persons of modest means”.

Volunteer Boards

Each credit union is governed by a board of directors, elected by and from the credit union’s membership. Board members serve voluntarily.

Membership Eligibility   

By current federal statute, credit unions cannot serve the general public. People qualify for a credit union membership through their employer, organizational affiliations like churches or social group, or a community-chartered credit union.

Financial Education for Members          

Credit unions assist members to become better-educated consumers of financial services. Additionally, CUNA is partnering with the National Endowment for Financial Education, a not-for-profit foundation, to expand financial education among high school students. A national study shows that just ten hours of personal finance education can positively affect students’ spending and savings habits for a lifetime.

Social Purpose  “People Helping People”.

Credit unions exist to help people, not make a profit. Our goal is to serve all our members well, including those of modest means – every member counts. Our members are fiercely loyal for this reason. They know their credit union will be there for them in bad times, as well as good. The same people-first philosophy causes credit unions and their employees to get involved in community charitable activities and worthwhile causes – just ask us.

ives of credit union members. Your credit union common bond is not just a principle; the common bond reflects a community of interest, a community of members united through shared experiences and goals. At the credit union you are truly a part of a vital economic association that influences and betters your life.