Credit Unions, called by various names around the world, are member-owned, not-for-profit financial co-operatives that provide savings, credit, and other financial services to their members.
Credit Union membership is based on a common bond, a linkage shared by savers and borrowers who belong to a specific community, organization, religion, or place of employment.
Credit Unions pool their members’ savings deposits and shares to finance their loan portfolios rather than rely on outside capital. Members benefit from higher returns on savings, lower rates on loans, and fewer fees on average.
Regardless of your account size in the Credit Union, each member may run for the volunteer board of directors and cast a vote in an election.