Credit Union Difference

What makes us different can make all the difference for your finances.

Not-for-profit

Credit unions are not-for-profit financial cooperatives. We exist to serve our members, not to make a profit. Unlike most other financial institutions, credit unions 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.

Taxation

Credit unions do pay taxes - payroll taxes, sales taxes, and property taxes. Congress exempts credit unions from federal income taxes. 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 an economic democracy. 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 customer is both a member and an owner.

Volunteer Boards

Each credit union is governed by a board of directors, elected by and from the credit union's membership. Board members serve voluntarily.

Membership Eligibility

By current federal statute, credit unions cannot serve the general public. People qualify for a credit union membership through their employer, organizational affiliations like churches or social groups, or a community-chartered credit union. For Whitefish Credit Union, membership is available to persons, trusts, organizations, partnerships, and corporations who live, work, operate, own property, worship, participate in an association, or go to school within fifty (50) air miles of Whitefish Montana or within Flathead County, Lake County, Lincoln County, Sanders County, Missoula County, Ravalli County, Lewis and Clark County, Broadwater County and Gallatin County.

Immediate family of qualified applicants are also eligible for membership.

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, including those of modest means - 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 - just ask us.