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 too, but are not-for-profit organizations owned by all of its members versus for profit organizations owned by a handful or small group of individuals. Credit unions focus on helping their members save and borrow and receive affordable financial services.

Usually, credit unions offer higher savings rates, which is important to young people just starting their savings accounts. Credit unions typically charge lower fees compared to banks and are known for providing personal service and helping members plan for the future.

The credit union philosophy is members helping members. Many members of credit unions like knowing their savings will help other members get mortgages to buy homes and loans for new cars.

You can join a credit union based on where you and your family live, work, worship, or the associations you or your family belong to. Talk with your co-workers and family members to see which credit union they may be a member of and would possibly be a good fit for you.

Visit our interactive map​ to find a credit union in your area.

 
 

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