800-521-3796 LOCATIONS/ATMS CAREERS OPEN AN ACCOUNT APPLY FOR A LOAN BOOK APPOINTMENT ACCOUNTS LOANS VISA RESOURCES SELF-SERVICE ABOUT US LOGIN About Credit Unions What Is A Credit Union? Credit Unions (like Dort Financial Credit Union) are not-for-profit financial cooperatives, serving members who share something in common: employment, association membership, or residence in a particular geographic area. Each member owns one share of the cooperative, represented by the initial deposit made to a primary savings account. Unlike other financial institutions, credit union ‘profits’ are returned to the membership in the form of lower loan rates, higher dividend rates, and affordable services. Surveys consistently rank credit unions first among financial institutions in consumer satisfaction. The Credit Union Difference New federal laws and regulations are changing the structure and face of the financial services industry. In this time of accelerating change, it is important to truly understand how credit unions are unique and different, and why we remain a necessary and extremely popular financial alternative for 82 million Americans. Social Purpose: 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. Our members are fiercely loyal for this reason. They know their credit union will be there for them in bad times, as well as good. The same people-first philosophy causes credit unions and our employees to get involved in community charitable activities and worthwhile causes – just ask us. 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. Dort Financial Credit Union membership is open to all people who live, work, worship, or attend school in the State of Michigan. 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. A national study shows that just ten hours of personal finance education can positively affect students’ spending and savings habits for a lifetime. Copyright © 2004 – Credit Union National Association, Inc. NEWS & ARTICLES CALCULATORS FINANCIAL EDUCATION FINANCIAL PLANNING Insured by the NCUA. Administrative Address: 9048 Holly Rd., Grand Blanc, MI 48439 Mailing Address: P.O. Box 1635, Flint, MI 48501 810.767.8390 | Toll Free: 800.521.3796 Routing Number: 272479919 NMLS# - 469349 If you're using a screen reader or other auxiliary aid and are having problems using this website, please call 810.767.8390 for assistance. All products and services available on this website are available at all Dort Financial Credit Union locations.