Our Mother of Mercy Federal Credit Union
4000 Sumpter St. Suite A Houston, Texas 77020

Contact Us

Phone: (713) 675-3000

Fax: (713) 675-3433

Email: info@ourmotherofmercyfcu.com

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Business Hours

Sunday - 8:30am-12:30pm
Tuesday - Noon - 6:00pm
Wednesday - 1:00 - 8:00pm
Friday - 10:00am -2:00pm

 

Credit Unions or Banks

 Credit Unions Banks
 Not-for Profit financial cooperatives For profit corporations
Credit Unions are tax-exempt because they are not-for-profit cooperatives owned by taxpaying depositors Banks pay taxes on profits they distribute to outside stockholders
Credit Union Rates are capped at 18% Banks lending rates are unregulated
Organized to serve a specified field of membership Open to the public
Owned by their members Democratically controlled; one member – one vote Owned and controlled by outside stockholders
Focus on consumer loans and member savings Focus is on commercial loans and accounts
Dividends are paid to members Dividends are paid to the stockholders
Voluntary directors and committees. Voluntary reflects the diversity of membership Paid directors. Board members do not necessarily reflect the diversity of their customer base
Known for offering more favorable rates and services Known for higher fees and less favorable rates
Cooperation between Credit Unions Competition between banks
Insured to $250,000 by NCUA/NCUSIF Insured to $100,000 by FDIC/BIF
Insured fund is self insured – has never caused a loss to the taxpayer S&L bailout used BIF taxpayer dollars
Motivated to maximize service Motivate to maximize profits.

There are many Questions that you should ask yourself, before deciding to put your entire savings into a Credit Union or a Bank. Who are the dividends paid to? Do I have a vote in how the institution is run? Is this a Not For Profit or For Profit institution? We have outlined some of the differences between the two for you.