Why Join a Credit Union?
New federal laws and regulations are changing the structure and face of the financial services industry. In this time of accelerating change, it is important to truly understand how credit unions are unique and different, and why we remain a necessary and extremely popular financial alternative for nearly 90 million Americans.
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.
Credit unions do pay taxes – payroll taxes, sales taxes, and property taxes. Congress exempts credit unions from federal income taxes. The exemption was established in 1937, affirmed by statute in 1951, and re-affirmed in 1998 in H.R. 1151, the Credit Union Membership Access Act, which 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 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."
Credit unions are economic democracy. Each credit union member has equal ownership and one vote -- regardless of how much money he or she has on deposit. At a credit union, every account holder is both a member and an owner.
Each credit union is governed by a board of directors, elected by and from the credit union’s membership. Board members serve voluntarily.
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.
Financial Education for Members
Credit unions assist members to become better-educated consumers of financial services. Additionally, CUNA is partnering with the National Endowment for Financial Education, a not-for-profit foundation, to expand financial education among high school students. A national study shows that just ten hours of personal finance education can positively affect students' spending and savings habits for a lifetime.
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.
Who can join?
Our community-based charter allows anyone who lives, works, worships or attends school in Greenville County to join. Membership is also available to relatives of members. To complete a membership application, you will be asked to provide proof of your eligibility.
Member Benefits and Perks
As a not-for-profit alternative to traditional banking, members enjoy more money-saving advantages, including higher returns on deposits, lower loan rates, and fewer fees overall. Plus:
Auto Loan Savings
Personal Loan Savings
Free Checking that earns Cash Back
Courtesy Pay Benefit
Senior Benefits (age 50+)
Free Financial Counseling
Free Online and Mobile Banking
Free Online Personal Financial Manager and Budgeting Tool
Free Credit Score and Monitoring
Free Online Bill-Pay
Free Mobile Check Deposit
Free External Transfers
Surcharge Free ATMs and ATM fee refunds
Credit Card Rewards
Discount Entertainment Tickets
Low-Cost Safe Deposit Box Rental
Free Coin Counter Machines
Free in-branch Coffee and Water Service
Free Digital Wallet, Apply Pay, Google Pay
Free Notary Service
Low-cost Insurance Products
Youth and Student New Account Gifts