It's not about how much we can make. It's about how much we can help.
So what exactly is a credit union? It's a cooperative financial institution, owned and controlled by the people who use its services. Those people — in this case, Texans like you — are called members. When DATCU's leaders make policy, they're guided by what's in our members' best interest. The result is lower loan rates, higher interest on deposits and an intense focus on the well-being of the communities we serve.
How Credit Unions Operate
DATCU and other credit unions don't have to answer to shareholders who are expecting maximum profits. Our Board of Directors and the managers they hire are focused on providing the best financial service possible.
Credit unions are not-for-profit financial cooperatives, where banks are for-profit institutions. Credit unions exist to serve our members. We return earnings to our members in the form of lower loan rates, higher interest on deposits, and lower fees.
Under federal law, credit unions cannot serve the general public. Some credit unions are open to people who live in certain communities, while in other cases eligibility is based on working for a certain employer or being affiliated with specific organizations, such as churches or social groups. DATCU membership is open to anyone living or working in Denton, Cooke, Wise, Montague, or Clay counties in Texas, or in the city of Coppell. People can also join if they're employed by or associated with one of our business partners, or are related to a member associated with one of our business partners.
Each credit union is an 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.
Each credit union is governed by a volunteer board of directors, elected by and from the credit union’s membership.
Credit unions do pay payroll taxes, sales taxes, and property taxes. Congress exempts credit unions from federal income taxes.
Education For Members
Credit unions offer written material, financial counseling, workshops and other programs that help members to become better-educated consumers of financial services.
People Helping People
Credit unions exist to help people, not make a profit. Our goal is to serve all of our members well, including those of modest means. Every member counts.
Today, we serve almost 100,000 members and have assets of almost one billion dollars.
We attribute our success to a commitment to outstanding service, hiring great employees who care about the communities and members they serve, and giving back. We believe in supporting the communities we serve including nonprofits, civic organizations, and our schools.