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What is a Credit Union?
Credit unions are financial institutions formed by an organized group of people with a common bond. Members of credit unions pool their assets to provide loans and other financial services to each other.
Credit unions differ from other banks in several ways:
| Credit Unions | Other Financial Institutions |
|---|---|
| Not–for–profit cooperatives | Owned by outside stockholders |
| Owned by members | Owned by outside stockholders |
| Operated by mostly volunteer boards | Controlled by paid boards |
These factors allow credit unions to pay dividends to their members (not shareholders) and offer them lower loan rates, higher savings rates and fewer service fees.
In 1935, when credit unions were helping Americans through the Great Depression, the treasurer of a Midwestern credit union said that credit unions were "not for profit, not for charity, but for service," and that philosophy holds true today.
Credit unions continue to look out for their members' interests and provide a level of service that is not generally available at other financial institutions. Whether it's providing a loan to help a member cover unexpected medical bills, giving financial counseling to a member whose company closed its doors, or simply offering a better deal on a used car loan, credit unions make a difference for their members and the communities they serve.
