Take an active role in your credit union!

We've posted a lot about the credit union difference and why credit unions are a unique financial model.  Now, come witness that difference in action!  Our annual membership luncheon and meeting is being held today, Wednesday February 4th!  Come meet your fellow credit union members and our fabulous staff during lunch from 10:30-2:30.  Then, swing back at 5:15pm to our Voyager Dr. branch to take part in our annual meeting.  You'll learn about some of our initiatives in the coming year, our financial position, and eligible members can vote for candidates to serve on our board of directors!  (Eligible members must be at least 18 years of age, must be a member of HCCU for at least 90 days, and accounts at HCCU must be in good standing.)

Credit unions are unique and different, and they remain a necessary and extremely popular financial alternative for 100 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 - payroll taxes, sales taxes, and property taxes.  Congress exempts credit unions from federal income taxes.  The exemption was established in 1937, affirmed by the 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 specific mission of meeting the credit and savings needs of consumers, especially persons of modest means."
Ownership.  Credit unions are economic democracy.  Each credit union member has equal ownership and one vote - regardless of how much money a member has on deposit.  At a credit union, every customer is both a member and an owner.
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.
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 amount 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 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!