Why choose Beehive Federal Credit Union for your financial needs? Beehive is a not-for-profit financial cooperative. Financial cooperatives are a way for community members to pool funds in order to lend monies out at a lower rate than banks. As a member of Beehive you own shares in the credit union. Each member has the ability to vote for the Board of Directors who volunteers their time to direct the credit union according to the member’s wishes.
The Credit Union National Association (CUNA) has a dedicated website to the Credit Union difference.
The Deduct-a-Buck Program
One of the key reasons why credit unions in general, and Beehive Federal Credit Union in particular, are able to offer low cost services is because credit unions, according to federal law, are tax exempt. Unfortunately, there are powerful lobbying groups in Washington D.C. that would have Congress limit or revoke credit unions’ tax-exempt status. If this were to occur, most credit unions would be forced to increase their fees, raise their loan rates, and lower their deposit rates, in order to remain financially viable.
To combat these anti-credit union efforts, Beehive, in conjunction with many other credit unions throughout the U.S., invites its members to make voluntary contributions to the Credit Union Legislative Action Committee. To make this as convenient as possible, Beehive takes part in the Deduct-a-Buck program. With your authorization, Beehive will automatically deduct as little or as much as you’d like each quarter from the account of your choice. To sign up for Deduct-a-Buck, print the online form, fill it out, and bring it in or send it to Beehive. Contributions to federal and state PACs are not deductible for federal tax purposes and are completely voluntary. Thank you for aiding the credit union movement with your donation.
CUNA has more information on Credit Union Political Affairs.