Overview
What is Members Choice Credit Union?
Members Choice Credit Union, headquartered in Houston, Texas, is a member-owned cooperative and non-profit financial institution. With a workforce of 203 employees, the credit union operates as a thriving financial institution, offering plastic card services through debit and credit cards, multiple ATMs, and a nationwide network. As members, they enjoy fee-free transactions while generating income through network interchange fees. The credit union incurs expenses for ATM hosting costs and plastic card processing fees paid to third-party processors. Members Choice Credit Union was established to promote thrift among its members and provide them with credit at lower rates than other sources.
Official website here: www.mccu.com
Is Members Choice Credit Union legitimate?
Members Choice Credit Union is a legitimate nonprofit organization registered as a 501(c)(14) entity. Members Choice Credit Union submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $3,237,985
Professional Fundraising Fees: $0
Other Salaries and Wages: $5,087,385
For more financial information, click here
Official website here: www.mccu.com
What is the mission statement of Members Choice Credit Union?
Members Choice Credit Union is a cooperative owned by its members, functioning as a non-profit financial institution. Its primary goal is to promote thrift and offer credit to members at lower rates than other sources. The credit union provides various plastic card services including debit cards, credit cards, access to multiple credit union-owned ATMs, and a connection to a nationwide ATM network. As cardholders, members enjoy fee-free transactions. The credit union generates income through network interchange income, while expenses consist of ATM hosting costs and plastic card processing fees paid to third-party processors.
Official website here: www.mccu.com
Who is the CEO of Members Choice Credit Union?
Theilig Randy is the CEO of Members Choice Credit Union The CEO's salary of Members Choice Credit Union is $223,912 and their total compensation is $224,331.
Official website here: www.mccu.com
What is the revenue of Members Choice Credit Union?
Members Choice Credit Union's revenue in 2023 was $45,425,997.
Official website here: www.mccu.com
Who are the executives of Members Choice Credit Union and what are their salaries?
The average compensation at Members Choice Credit Union during 2023 was $46,252. There are 180 employees and 9 volunteers at Members Choice Credit Union.
Here are 30 key members and their salaries (Members Choice Credit Union's CEO's salary is $223,912 and their total compensation is $224,331):
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- Compensation: $444,904
- Related: $0
- Other: $18,493
- Compensation: $246,357
- Related: $0
- Other: $6,967
- Compensation: $240,993
- Related: $0
- Other: $9,581
- Compensation: $235,750
- Related: $0
- Other: $10,053
- Compensation: $223,912
- Related: $0
- Other: $419
- Compensation: $195,649
- Related: $0
- Other: $4,872
- Compensation: $159,231
- Related: $0
- Other: $4,688
- Compensation: $154,904
- Related: $0
- Other: $7,595
- Compensation: $146,627
- Related: $0
- Other: $3,218
- Compensation: $145,783
- Related: $0
- Other: $7,239
- Compensation: $139,964
- Related: $0
- Other: $4,109
- Compensation: $132,505
- Related: $0
- Other: $6,575
- Compensation: $117,757
- Related: $0
- Other: $3,484
- Compensation: $112,658
- Related: $0
- Other: $4,466
- Compensation: $110,531
- Related: $0
- Other: $5,477
- Compensation: $109,675
- Related: $0
- Other: $1,067
- Compensation: $107,000
- Related: $0
- Other: $5,200
- Compensation: $106,940
- Related: $0
- Other: $3,160
- Compensation: $106,846
- Related: $0
- Other: $2,885
Official website here: www.mccu.com
Where can I find the form 990 for Members Choice Credit Union?
Members Choice Credit Union's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.mccu.com
Learn more at the official website: www.mccu.com
Mission Statement of Members Choice Credit Union
Members Choice Credit Union, a cooperative owned by its members, functions as a non-profit financial institution. Its primary objective is to foster thrift and lend credit to members at rates lower than those offered by other sources. Through this mission, the credit union aims to provide valuable financial services to its members.
Members Choice Credit Union offers various plastic card services to its members, including debit cards, credit cards, access to multiple credit union-owned ATM machines, and entry to a nationwide ATM network. As cardholders, members enjoy fee-free transactions. The credit union generates income in the form of network interchange income. The expenses incurred include ATM hosting costs and plastic card processing expenses paid to third-party processors. By offering these services, Members Choice Credit Union demonstrates its commitment to its members' financial needs while maintaining a financially sustainable organization.
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Impact
October, 2024
Members Choice Credit Union plays a significant role in the financial well-being of its members and the community in Houston, Texas. As a cooperative, it is owned and operated by its members, which enables it to prioritize their needs over profit. This model allows Members Choice to offer lower interest rates on loans and higher returns on savings compared to traditional financial institutions.
Members Choice Credit Union enhances access to financial services through innovative offerings, such as debit and credit cards, and a network of credit union-owned ATMs along with a nationwide ATM network. Members benefit from fee-free transactions, which helps them save money on everyday banking costs. The income generated through network interchange fees is reinvested into the credit union's services and infrastructure, further benefiting its membership.
By promoting thrift and providing affordable credit, Members Choice Credit Union contributes to the financial stability of its community, empowering individuals to make sound financial decisions. Its existence fosters a sense of community and support among members, reinforcing the cooperative principle of mutual aid and collective benefit.
This information is meant to be a general summary of Members Choice Credit Union. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $3,669,934
- Program Service Revenue: $39,871,769
- Gross Receipts: $57,958,769
Assets and Liabilities:
- Total Assets: $754,025,395
- Total Liabilities: $711,017,842
- Net Assets: $43,007,553
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST INCOME
Revenue
$34,689,099
PLASTIC CARD INCOME
Revenue
$3,128,713
FEES AND CHARGES
Revenue
$2,053,957
Organization Details
Founding Year
1941
Principal Officer
Keith Hryyak
Website
www.mccu.comNTEE Category
Code: W60 - Public benefit
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