Inspiration for hope is something that credit unions strive to provide every day for their members. How does Credit Union of America do that? Well, we aim to provide financial empowerment to all members through products, services, education, and friendly service.
To fully grasp the role of a credit union in your life, it’s helpful to understand why credit unions are different from other financial institutions. Here are a few of our favorite factoids:
- Credit Unions are led by volunteer Board members. They donate their time to guide and oversee Management. This allows the credit union to return profits to the members through new technology, lower loan rates, and higher deposit rates. Banks pay their Board members and profits are returned to the bank owner and Board members. Credit Union profits benefit the members, but our members ARE the owners.
- Credit unions are not-for-profit cooperatives, like an agricultural or electric co-op.
- We are governed by the membership; every member has an equal vote in choosing our Board members and volunteer committees and voting on unique items such as mergers.
- Credit unions are prohibited from raising capital or having outside investors, unlike a for-profit bank.
- CUs hold 1% of the commercial market and 7.2% of the overall market, we are not a threat to banks.
- In addition to our profits being returned to our members, we use our profits to invest in our communities. You will see us donating to local non-profit charities, public education, and healthcare initiatives, and events that benefit the communities we live and work in.
- Credit Unions do pay taxes. Banks would like you to think otherwise, but credit unions pay many types of taxes. In fact, Kansas credit unions paid $30.1 million in taxes last year.
- 672,531 Kansans belong to a credit union. Over 83,000 of them belong to CUA!
- Credit Union of America is the 2nd largest credit union in Kansas, providing services to members world-wide.
You may think of CUA as a resource for your next auto loan or checking account and that is true. We are happy to serve you in that manner. But, you will also see us helping you with a budget, navigating a tough financial time like during a job layoff or health crisis, supporting your kids and grandkids with scholarships and more. We will be here to help you pay for a special event or buy your first home. We even have experts to assist you with market investments, retirement accounts, and financial literacy. We know that life can be hard. But, if your finances are in good order, it’s easier to get through the rough times.
CUA is here for you, in good times and bad. We want to make a difference in your life- it’s our purpose! We are ready to find solutions for you that really work for you and we hope that gives you hope.
Inspiring Hope for a Global Community is the theme that thousands of credit unions are focusing on as we celebrate International Credit Union Month during October and International Credit Union Day on Thursday, October 15, 2020. We hope you will join us as we continue to build CUA for generations to come. Share with a friend how your credit union gives you hope.