SWITCH TO SAVE
This year's theme for October's celebration of International Credit Union Month is "Credit Unions Unite for Good: A Better Way." Participating Georgia credit unions are uniting in a statewide Switch to Save campaign to encourage Georgia residents to stop by their local credit union for a loan review and see how credit unions can save them money on their loans. Any member or potential member can bring in their loan statements from the past two months for a review to determine if switching any of their loans to the credit union will save money. Credit unions are built on a 'people helping people' philosophy. We're not structured like banks or finance companies. With us, profits are returned to members in a variety of ways, one of them being through lower interest rates on loans. This means people can usually save money when they switch their loans to a credit union. Offering lower interest rates on loans puts money back in members' pockets and helps them with the day-to-day task of affording life. And that's what credit unions are all about.
DON'T TAX MY CREDIT UNION
You may have heard that politicians in Washington are considering an overhaul of the federal tax code. We want to alert you to an idea being discussed that could greatly harm Members United and our members.
As a member, you know that Members United is owned and directed by you. Unlike banks that maximize profits for a small group of investors, credit unions exist to serve their members, including working families, small businesses, and the local community. Because we return benefits to our members, we are able to offer higher returns on savings and lower fees. That's why your credit union is not-for-profit and tax exempt.
Now banks and some politicians in Washington are talking about taxing credit unions like Members United, despite the fact that we are not-for-profit. They say we can balance the budget by taxing credit unions, even though credit unions hold only 6% of all financial assets nationwide, and banks hold the rest.
Since credit unions are not-for-profit, taxing credit unions could even destroy credit unions as we know it, eliminating financial choice for consumers.
Moreover, taxing credit unions won't even help our budget deficit. For every $1 in new taxes on credit unions, the government would wipe out $10 in benefits to credit union members and consumers. So taxing credit unions is not only bad for our nation's economy. A tax on credit unions is really just a tax on you the member.
That's why we are urging you send a strong message to Congress: "Don't Tax My Credit Union."
It's easy to take action: just visit www.DontTaxMyCreditUnion.org to contact your U.S. Representative and Senators. While there, you can also watch a video, follow our campaign on social media, and learn more about how you can help us tell Congress, "Don't Tax My Credit Union".