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Explaining the Credit Union Difference

The Credit Union Difference

Not for profit
Credit unions are not-for-profit financial cooperatives. We exist to serve our members, not to make a profit. We do not issue stock or pay dividends to outside stockholders. Instead, earnings are returned to our members in the form of lower loan rates, higher interest on deposits, and lower fees.  

Member Owned
At a credit union, there are no customers—only members. Every member is an equal owner of the credit union—whether they have $1 or $1,000,000 on deposit. As an owner of the credit union, members are given an equal voice in determining the direction of the credit union. Credit unions are not owned by a group of stockholders, meaning that all members benefit rather than a select few. 

Volunteer Boards
Credit unions are controlled by a volunteer Board of Directors elected from and by the credit union members.  

Credit unions are exempt from state and federal corporate income taxes because of the not-for-profit organizational structure, which all credit unions share. Credit unions do pay taxes—payroll taxes, sales taxes, property taxes, and taxes on unrelated business income.  

Credit unions cannot serve the general public. People qualify for credit union membership through a common bond. Members may work for the same employer or in the same industry, be affiliated with a particular organization or religion, or live in the same geographic area.  

Social Purpose 
People Helping People. Credit unions exist to help people, not make a profit. Our goal is to serve all of our members well and every member counts. Our members are fiercely loyal for this reason. They know their credit union will be there for them in bad times, as well as good. The same people-first philosophy causes credit unions and our employees to get involved in community charitable activities and worthwhile causes.

About Kansas & Missouri credit unions
Kansas is home to 80+ credit unions with more than $6 billion in assets. Missouri is home to 120+ credit unions with more than $13 billion in assets.