Credit unions pay payroll, property and sales taxes as well as various licenses and fees. They are exempt from paying income tax by law due to all funds earned after operating expenses being returned to members. As not-for-profit institutions, they return excess earnings to members in the form of higher savings rates, lower loan rates and lower to no fees. Every credit union shares this not-for-profit structure and service-oriented philosophy of “not-for-profit, not for charity, but for service.”
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To learn more about how credit unions pass savings onto their members, contact Valley Federal Credit Union’s main office in Brownsville at (956) 546-3108. Become a member today and start enjoying their excellent benefits.
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