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What's a Credit Union?

Like a bank, only better.

What is a Credit Union?

You’ve probably heard of banks, but you might not be as familiar with credit unions. They are financial institutions, 太, but are not-for-profit cooperatives owned by all of its members. Credit unions focus on helping their members save and borrow and receive affordable financial services.

Credit Union 银行
Not-for-profit For-profit business
Owned by its members Has customers and shareholders
Focus is on service Focus is on maximizing shareholder value
Higher interest rates on deposits Lower interest rates on deposits
Lower interest rates on loans and credit cards Higher interest rates on loans and credit cards
Fewer and lower fees 更多的 and higher fees

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 lower mortgage and loan rates, fewer service fees and higher yields on savings and checking.


You are more than a member, you are part owner. 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.


The cooperative structure of credit unions creates a cycle of mutual support toward a common goal of financial well-being. Members achieve many different types of financial goals, all in one place at one time. As the credit union succeeds, every member feels that impact.


Members often have shared interests and appreciate participating in an institution designed to help other members. Credit unions often provide financial education and outreach to customers.

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