Did you know? The banking industry is trying to kill off the credit union system. There is legislation in Congress to tax the member-owned, non-profit CUs, which would effectively end them.
For years here I've advocated that families move their money from banks to their local CUs. They offer lower rates on loans and higher rates on savings, checking accounts and CDs. Why? They're not for profit. By opening an account, you own a share of the credit union. They're about people, not profits.
The credit unions are fighting back, and I'm helping them. You should too. This is the letter I sent my legislators via Don't Tax My Credit Union:
I am a member of [credit union redacted]. I have been since the mid-80s. They're a fantastic institution. They know me and care about me.
One reason might be because I'm a shareholder. Everyone who banks here is a shareholder. But, like all credit unions, it's also a non-profit. Credit unions care about their members, not profit.
Taxing credit unions destroys them, and that's the point, isn't it? This entire proposal is a ploy to force people like me into banks--or our mattresses. Quite frankly, I trust my Tempurpedic more than I trust Bank of America.
If we should tax non-profit credit unions, why should we not also tax Habitat for Humanity? The World Wildlife Federation? Oxfam? Local food banks? The Humane Society? How about churches? That would lower the deficit faster than just taxing credit unions.
But we all know this is NOT about deficit reduction. This is about ending the credit union system.
As your constituent, I urge you to vote AGAINST taxing credit unions.Thank you for your time.
And I urge you to check out your local credit union and get on board with the campaign against this crap piece of legislation aimed at forcing you into the high-fee, low-service, privatize-the-profit, socialize-the-risk world of for-profit banks. Congress should not be dictating my--or your--freedom of choice.