The CU Difference

Not-for-profit: A credit union is not-for-profit financial cooperative. Unlike other types of financial institutions, we do not issue stock or pay dividends to stockholders. Our earnings are returned to our members in the form of outstanding service, lower interest loans, higher yield savings and investment accounts, and by providing the convenient money management services members need to achieve their financial goals.

Taxation: Credit unions do not pay taxes, including federal tax, payroll tax, sales tax, and property tax. The U.S. Congress exempted credit unions in 1937, which was affirmed by statute in 1951, and reaffirmed in 1998 through H.R. 1151, the Credit Union Membership Access Act. In summary, it 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 a volunteer board of directors and because they have the specified mission of meeting the credit and savings needs of consumers, especially persons of modest means.”

Member Ownership: Credit unions are democratically operated. 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 member is an owner.

Volunteer Board & Committees: Credit unions are governed by a volunteer board of directors and supervisory committee. Both are elected by credit union members.

Membership Eligibility: Credit unions cannot serve the general public. You qualify for membership through an employer, an affiliation with an organization, and/or a federal community or underserved charter. You also may be eligible for membership if an immediate family is already a credit union member. View the Members 1st of New Jersey member groups.

Financial Education: Credit unions provide their members with financial information to help them become informed consumers. Nationally, many credit union organizations offer other financial literacy tools and resources.

People Helping People: Our goal is to satisfy our members financial needs. We exist solely to help people, not make a profit. Our members always come first.

Your Money Is Safe & Secure: Your credit union accounts are insured by the National Credit Union Share Insurance Fund (NCUSIF) for a combined total of $250,000. It is a federally insured program governed by the National Credit Union Administration (NCUA). There are also steps you can take to insure higher account balances. Call or visit any branch location for the details.

There are over 86 million credit union members nationwide. Become a credit union member and take advantage of the many benefits of membership.

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