What is a credit union?
A credit union is a member-owned cooperative financial institution that is not-for-profit. Since credit unions exist solely to serve their member-owners, they are able to offer competitive rates on your saving investments and loans. Each year members have the ability to select candidates for the Board of Directors among their peers, to represent them in setting the credit union’s policies.
A1: A federal credit union is a nonprofit, cooperative financial institution owned and run by its members. Organized to serve, democratically controlled credit unions provide their members with a safe place to save and borrow at reasonable rates. Members pool their funds to make loans to one another. The volunteer board that runs each credit union is elected by the members. Not for profit, not for charity, but for service is a credit union motto.
