The Credit Union Difference


Because we are a credit union, and not a bank, you as a member share the rights of ownership with every other member. We are a non-profit organization, which operates in benefit of members. All income after expenses is distributed to members, through especially high yield savings products or low loan rates. Because we work for you, we will not charge you fees for every transaction, like banks often do. Most of our services are free. Our convenient locations are open late to serve your needs.

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. 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.”

Ownership. Credit unions are 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.

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.

taken from:

  • A family member (grandparent, parent, brother, sister, spouse or child) of a current USFCU member.
  • Member or Employee of the Ukrainian Educational and Cultural Center in Jenkintown, PA including members of the Ukrainian Library, Ukrainian Heritage School Students, and “Svitlychka” Nursery Student.
  • Student and Employees (Faculty and Staff) of Manor College in Jenkintown, PA.
  • Employees and members of St Michael the Archangel Ukrainian Catholic Church located in Jenkintown, PA
  • A voting member of the Ukrainian-American Sport Center – Tryzub in Horsham, PA.
  • Employees and voting members of The Ukrainian League of Philadelphia in Philadelphia, PA.
  • Member and Employees of the Church of Evangelical Christians “Word of Life” Feasterville – Trevose, PA.
  • A member of the Evangelical Pentecostal Church, Inc. in Huntingdon Valley, PA.
  • A former member of the Ukrainian Fraternal Credit Union in Scranton, PA
  • A member of the Philadelphia Branch of the “Self Reliance” Association of American Ukrainians, Inc.
Become a Member

Qualify as a member, as stated above?