What is a credit union?

A credit union is a not-for-profit financial institution owned and operated by its members. Unlike traditional banks, which are owned by shareholders and aim to maximize profits, credit unions prioritize serving their members' financial needs. They offer a range of services such as savings and checking accounts, loans, credit cards, and investment opportunities. Members of a credit union have the opportunity to participate in the decision-making process and elect the board of directors. This democratic structure ensures that the credit union's policies and practices are in the best interest of its members. Credit unions are known for their personalized and member-centric approach, often offering lower fees and competitive interest rates. By supporting and joining a credit union, individuals can take advantage of the cooperative nature of financial services while enjoying the benefits of being a member-owner.