What Is A Credit Union?
What is a credit union and how is a credit union different than a bank? Credit unions are not-for-profit organizations that exist to serve their members. Like banks, credit unions accept deposits, make loans and provide a wide array of other financial services. But as member-owned and cooperative institutions, credit unions provide a safe place to save and borrow at reasonable rates.
You’re more than a member, you are a part owner. Credit unions are owned and controlled by the people, or members, who use their services.
Credit unions are not-for-profit. Credit unions operate to promote the well-being of their members. Profits made by credit unions are returned back to members in the form of reduced fees, higher savings rates and lower loan rates.