What is a Credit Union?

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.

Credit unions are owned and controlled by the people, or members, who use their services. Your vote counts. A volunteer board of directors is elected by members to manage a credit union.

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.

Members of a credit union share a common bond, also known as the credit union’s “field of membership.”

Members often have shared interests and appreciate participating in an institution designed to help other members. Credit unions may provide: financial education and outreach to consumers; in-school credit union branches; and small business needs.

The cooperative structure of credit unions creates a cycle of mutual assistance towards the common goal of the financial well-being of members.

To learn all about the perks of being a Credit Union member, visit www.mycreditunion.gov!