Credit Unions are Different.

When you opened your account at MidWest America, you became more than just a customer, you became an owner. That’s because credit unions aren’t like banks owned by stockholders; they are cooperatives owned by the members who deposit their money there. Credit unions across the country take a “people first” approach as not-for-profit financial cooperatives, owned and operated by the people they serve. It’s a smart financial choice, and we are so glad to have you as a member of our credit union.

What does this mean for you? Because MidWest America is not-for-profit, any earnings not needed to help build reserves or invest in the credit union’s operations is returned to members through higher rates on savings, lower rates on loans, and lower fees on services. Unlike for-profit financial institutions that need to generate revenue for stockholders, our focus is on serving our members and helping you work toward financial success.

This makes us a little bit different. Our board of directors is made up of members of the credit union and our team works hard to be sure that our member-owners have the services they need and the positive experiences they deserve. From the very beginning, Congress recognized that credit unions were different, too. Because of credit unions’ not-for-profit, cooperative structure, credit unions do not pay corporate income tax on profits. The savings is an important part of our structure and helps allow us to provide important financial services to our members and make an impact in our community.

Our not-for-profit structure and tax status don’t always make us popular with the for-profit banking industry, but our ability to focus directly on you rather than a bottom line for stockholders is truly what gives us an advantage. Credit union members save millions of dollars more per year than if they could only go to a bank, and these savings far outweigh the value of the tax exemption. As Congress considers significant tax legislation this year, we will be actively working to protect and preserve the tax exemption that is so important to how we serve you and all of our member-owners.

By putting a new tax on not-for-profit credit unions, the big Wall Street banks know they can eliminate competition and increase bank profits. But it doesn’t make sense to tax people like you just because you choose to keep your money in a credit union instead of a bank.

This is an urgent matter and we need your help. Please act today to contact your U.S. Representative and Senators and tell them Don’t Tax My Credit Union through our easy-to-use Action Center. We sincerely appreciate you being a member of MidWest America.

Help us protect your credit union, and the millions of families across the country who rely on their credit unions, too. Your voice is important. Nothing is more powerful to elected officials than when they hear from constituents like you.

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