We’re here because of you, our member.
Credit unions are different because of our organizational structure. Like other financial institutions, credit unions pay taxes – payroll taxes, sales taxes, and property taxes. Unlike many other financial institutions, credit unions are not-for-profit financial cooperatives whose sole purpose is serving you, our member. We are member-owned, democratically operated, not-for-profit organizations managed by volunteer boards of directors with a specific mission of meeting the credit and savings needs of members, especially those of modest means. Congress exempted credit unions from federal income taxes in 1937, affirmed by statue in 1951, and reaffirmed in 1998 in H.R. 1151, the Credit Union Membership Access Act.
Members have a common bond.
Credit unions don’t serve the general public—they serve a group of people who share a common bond. People qualify for credit union membership through their employer, organizational affiliations, or where they live or work. At Global Credit Union, you qualify for membership if you are active or retired military, a civilian employee of the Department of Defense or if you live or work in the state of Washington or in four counties in Idaho—Kootenai, Benewah, Shoshone, or Latah. If a family member is a member of Global Credit Union you are also eligible for membership.
Our purpose: People Helping People.
Credit unions exist to help people, not to make a profit. Our goal is to serve all of our members, including those of modest means. We strive to provide FREE member education to help you, our member, become a better-educated consumer of financial services.
In addition to our member education program, we participate in the National Endowment for Financial Education, a not-for-profit foundation created to expand financial education among high school students. Global Credit Union sends an employee to teach the course to local high school students, teaching several classes each year. If you are a teacher and would like to learn more, send us an e-mail (abby.koder@globalcu.org).
Global Credit Union has received the Dora Maxwell Social Responsibility Recognition Award for two consecutive years. The award is given to a credit union that exhibits exceptional responsibility in community and charitable events and organizations. Global was presented the 2003 and 2004 First Place Award by the Washington Credit Union League.
Learn more about the Credit Union Difference!
http://cuna.org/initiatives/bank_attack/index.html
Why Credit Unions are Tax Exempt:
http://www.cuna.org/gov_affairs/legislative/issues/tax_exempt_why.html
Why Americans Benefit from Credit Unions:
http://cuna.org/initiatives/bank_attack/straight_talk.pdf
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