credit union definition
Credit unions are financial institutions just like banks but they operate a bit differently. A credit union is a type of financial co-operative. Credit Unions Offer An Array Of Products And Services To Fit Your Financial Needs Learn What Your Local Credit Union Credit Union Federal Credit Union Credits Credit unions offer a range of savings accounts current accounts and loans to members much like traditional banks and building societies. . A primary difference between credit unions and other types of financial institutions such as banks or savings and loan associations lies in the fact that only individuals who are members may obtain loans from or deposit accounts at a credit union. An organization that lends money to its members at low rates of interest 2. Members also elect representatives to each credit unions board of directors so youll. Ranging in size from small volunteer-only operations to large entities with thousands of participan...