What is a credit union?
A credit union is a cooperative financial institution, owned and controlled by the people who use its services. These people are members. Credit unions serve groups that share something in common, such as where they work, live, or worship. Credit unions are not-for-profit organizations that exist solely to provide a safe, convenient place for members to save money and to get loans at reasonable rates.
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What makes a credit union different from a typical bank or a savings & loan?
Like credit unions, these financial institutions accept deposits and make loans, but unlike credit unions, they are in business to make a profit. Banks and savings & loans are owned by groups of stockholders whose interests include earning a healthy return on their investments.