As a credit union member, you probably have noticed the credit union difference.  Most importantly, at your credit union, you know you are not just an account number; you are a member and an owner who enjoys personal service from your credit union.  Why is there such a difference?

         Not-for-profit.  Texas credit unions are structured as not-for-profit financial cooperatives.  We exist to serve our members, not to make a profit.  Unlike most other financial institutions, credit unions cannot issue stock to raise capital 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.  While not-for-profit credit unions pay employment taxes and property taxes, Congress has exempted credit unions like other not-for-profit organizations from federal income taxes since 1937 and reaffirmed that exemption in 1998.  And while state chartered credit unions pay state sales taxes, the State of Texas exempts state chartered credit unions from corporate franchise taxes.

         Ownership and Democracy.  Each credit union member has equal ownership and one vote, regardless of how much money a member has on deposit.

         Volunteer Boards.  Each credit union is governed by an all-volunteer board of directors of five or more, elected by and from the credit unions membership.

         Membership Eligibility.  Credit unions are formed and organized around fields of membership, such as an employer, organizational affiliations like churches or social groups, or a community-chartered credit union.  One must be eligible within the credit unions defined fields of membership to join.  Field of membership definitions are determined by the credit unions board of directors and must be approved by the appropriate state or federal regulatory agency.

         Financial Education for Members.  Credit unions help members become better-educated consumers of financial services.  A national study shows that just 10 hours of personal finance education can positively affect a students spending and savings habits for a lifetime.

         People First.  Credit unions exist to help people, not make a profit.  Our goal is to serve each of our 7 million Texas members well, regardless of income level.  Every member counts.  Our members know their credit union will be there for them in bad times, as well as good.  This same people-first philosophy leads credit unions and our employees to get involved in charitable activities and worthwhile causes in the community just ask us!

AT YOUR CREDIT UNION, YOU ARE A MEMBER AND AN OWNER!