It’s About You!

We call it the “Credit Union Difference” because we’re a not-for-profit financial cooperative operating under the philosophy of people helping people. As federal laws and regulations on financial intuitions continue to change, credit unions remain an extremely popular financial alternative for over 100 million Americans.

WHAT OUR MEMBERS SAY ABOUT US
I am always so happy I have left my big bank. TFCU is wonderful! - Samantha S.
Beverly took time to listen to my needs and made my experience something worth talking about. - Elizabeth A.
Great customer service. Awesome being greeted by whole staff. :) I love my TFCU. - Barb T.
Ashley was so kind, helpful and professional. We are so grateful. - Dove and Jason C.
I love my credit union. Alex, Matt, Beverly, and Joe are all amazing! - Barb B.

Not-for-Profit

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, lower fees, and community support.

Taxation

Credit unions do pay taxes – payroll 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.

Copyright © 2009 – Credit Union National Association, Inc.

Social Purpose

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People Helping People

Credit unions exist to help people, not make a profit. Our goal is to serve all of 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 our employees to get involved in community charitable activities and worthwhile causes – just ask us.

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 groups, or a community-chartered credit union.
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Financial Education for Members

FinancialEducationCredit 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.