Don't Tax My Credit Union
With new tax legislation on the horizon, the credit union movement is working to remind Congress why our tax status is vital to the health of our industry- and need your help to spread the word!
As not-for-profit financial cooperatives, credit unions do not pay the federal corporate income tax on profits. Our people-first, member-owned structure means that, unlike traditional banks, we are not driven by the goal of generating profits for shareholders. Instead, we are focused on serving the best interests of our members—like you. Our tax-exempt status is central to this mission, and here's why:
Lower Fees and Better Rates
Because we do not pay federal income taxes, we are able to pass those savings on to you. This allows us to offer competitive interest rates on loans and savings accounts, as well as lower fees compared to for-profit financial institutions.
Commitment to Financial Wellbeing for All
Our non-profit status aligns with our commitment to supporting members in achieving their financial goals. Instead of prioritizing profit, we prioritize providing personalized service, creating member-focused products and services, and supporting your financial well-being in the long term.
Helping to Keep Our Community Strong
By supporting our tax-exempt status, you’re also helping to strengthen the local community. Members First, and all credit unions, invest in programs and initiatives that positively impact our community.
A new tax on not-for-profit credit unions would result in eliminated competition and increase big bank profits. But it doesn’t make sense to tax people like you just because you choose to keep your money in a credit union instead of a bank.
Help us protect your credit union, and the millions of families across the country who rely on their credit unions, too. Your voice is important. Nothing is more powerful to elected officials than when they hear from constituents like you.
Together, we’re building a stronger, more financially secure future for everyone.
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