GTE Financial has one message to spread next week: Don’t Tax My Credit Union. On Oct. 2, in conjunction with the Credit Union National Association’s (CUNA) social media efforts that day, GTE is asking employees, friends and all credit union members to use social media to get the message across.
Don’t Tax My Credit Union is a national grassroots campaign aimed at ensuring Congress doesn’t raise taxes on credit unions that serve 96 million members nationwide and help preserve financial choice for American consumers. Unlike traditional banks with shareholders, credit unions are member-owned cooperatives that return profits to members through their products, offering higher interest rates on deposit accounts and lower interest rates on loans.
To bring attention to the issue, GTE Financial is urging all credit union members throughout central and west Florida to speak out on Oct. 2 on Facebook, Twitter and Instagram using #DontTaxMyCU and create a buzz across social media with a “1 day, 1 post, 1 voice” approach. The campaign that will launch tomorrow includes a special GTE Financial Facebook cover photo, web site homepage banner ad, a call to action in their upcoming newsletter, and a message to members in online banking.
“Credit unions invest in people by helping those who are typically underserved by banks, like seniors on fixed incomes, single working moms, minority communities needing greater community investment and small business owners struggling to raise capital,” says Joe Brancucci, president and CEO of GTE Financial. “It may be surprising that 40 percent of Americans are credit union members. Taxes imposed on their credit unions could be so damaging that these organizations could cease to exist in the near future.”
“Those in favor of taxing credit unions say the increase will benefit the economy, but only 6 percent of U.S. financial assets are held in credit unions,” adds Brancucci. “In reality, those who will benefit from credit union taxation will primarily be large banks and their investors. Many more people will feel the negative effects of the tax than will feel any positive ones.”