THE CREDIT UNION DIFFERENCE
We’re driven to serve a higher purpose. Find out why banking is fundamentally different at our credit union.
• Not-for-profit. MCCU is a not-for-profit financial cooperative. We exist to serve our members, not to make a profit for private shareholders. Our earnings are returned to our members in the form of lower loan rates, higher interest on deposits, and lower fees.
• Taxation. Credit unions pay payroll, sales, and property taxes. Congress exempts credit unions from federal income taxes. The Credit Union Membership Access Act states that:
“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."
• Ownership. Credit unions are financial democracy in action. Each MCCU member has equal ownership through their membership share, regardless of how much money they have deposited at the institution. Every customer is both a member and an owner.
• Board of Directors. MCCU is governed by a board of directors, elected by and from our membership.
• Membership Eligibility. Federal statute demands that credit unions cannot serve the general public. People qualify for membership through affiliations such as living, working, or attending school or a place of worship within MCCU’s geographic field of membership area.