Statement of Thomas Heller, Orlando, Florida

I am writing to ask you to oppose any efforts to eliminate the federal tax exemption for credit unions. A new tax on credit unions is an additional tax on 87 million working Americans.

I have been involved with credit unions since 1989.  I had been out of work for three months and had accumulated credit card debt.  Once I was working again, I needed a consolidation loan to pay off my credit card.  Only my credit union was willing to give me the loan and not charge a high interest rate.

Studies have shown that consumers save $6.3 billion a year by using a credit union instead of a bank.  I save hundreds of dollars a year myself just in ATM fees that I do not have to pay.  I also use the internet for most of my online "banking". 

When I first moved to Florida, I opened a bank account with SunTrust.  They charged me nearly seven dollars a month, just to bank online! 

My credit union charges me nothing for online access to my money and they do not charge me three dollars every time I want to withdraw my money.

Banks are in the business of making money for stock holders.  Credit unions are formed by people from similar backgrounds or employers so that they have a better way of saving money and getting loans at low rates when nobody else will loan them money.