A credit union is a member-owned, non-profit financial institution. A credit union is as a cooperative financial entity where members pool their resources and benefit from shared ownership.

  • Member-Owned: Unlike traditional banks owned by shareholders, credit unions are owned by their depositors, who are also considered members.
  • Not-For-Profit: Their primary objective is not profit maximization, but rather serving in the best interests of their membership. This often translates to better rates on loans and dividends for members.
  • Financial Services Offered: Credit unions offer a variety of financial products such as savings, investments, debit cards, loans to members and online banking.