What is a Credit Union

A credit union is a not-for-profit, cooperative financial institution owned by its members. Member ownership is represented by shares--the term used to describe funds deposited to an individual's account. As non-profit institutions, credit unions are able to offer credit and savings products at prices that are typically more favorable to consumers than what is offered by profit-based financial institutions. Most credit unions offer a full menu of financial products and services.

Membership in a credit union is offered to specifically designed groups, such as employees of a designated institution, people who live or work in a particular geographic area, or people who share the same profession.

Credit unions are managed by professional financial service managers as well as volunteers who serve as directors and in other capacities.