What is a credit union?
The simplest way to describe a credit union is to say that it's a group of people who pool their money together and use that pool of money to give loans to the people in the group. They're often started by people who are fed up with the predatory practices of bigger financial institutions in their community and want a fairer banking alternative for their friends, family and neighbors.
Another way of looking at it is that credit unions are not-for-profit banks. Instead of charging higher loan rates and higher fees to raise large profits for their owners and shareholders, credit unions take any profits earned and give them back to the members in the form of earnings on savings accounts and lower loan rates.
For more information on credit unions and common credit union myths, visit www.creditunionsforyou.com
Membership eligibility required. Visit our membership page for details. Your savings are federally insured to at least $250,000 and backed by the National Credit Union Administration, a U.S. Government agency.
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