How Does A Credit Union Work

1. How Does A Credit Union Work Credit union is a member owned & controlled cooperative that works for the welfare of its members. Let us gain some insight about working of a credit union. Profits earned by the credit union are distributed among their members in the form of lower interest rates & fees. Even though a credit union is required to pay property, county & employer taxes, it is exempt from income tax. Credit union accounts are federally insured by the National Credit Union Share Insurance Fund (NCUSIF). A credit union is run locally so a person can join a credit union in an area where he lives, works or worships. The Board of Directors is elected by the members where each member has right to vote. www.gctfcu.net Greater Central Texas Federal Credit Union 3305 E. Elms Rd., Killeen, TX  76542 Phone: (254) 690 - 2274 Image Source: Designed by Freepik