Credit Union
Table of Contents:
Definition of Credit Union
Credit union refers to a member-owned financial cooperative that provides a range of banking and financial services to its members.
Unlike traditional banks, credit unions are structured as not-for-profit organizations, and their primary focus is to serve their members' financial needs.
Members pool their resources by depositing money into the credit union, which is then used to provide loans, savings accounts, and other financial products.
Credit unions often offer competitive interest rates and lower fees, emphasizing community engagement and mutual support among their members.
What is Credit Union?
Credit union is a cooperative financial institution owned and operated by its members, who share a common bond such as employment, association, or community affiliation.
Members become part-owners of the credit union and have access to a range of financial services, including savings accounts, loans, checking accounts, and more.
Credit unions prioritize serving their members' interests and often provide personalized customer service, competitive interest rates, and community involvement.
As not-for-profit entities, they aim to provide cost-effective financial solutions while fostering a sense of community among their members.
