credit union

A credit union is a member-owned financial cooperative that provides various financial services, such as savings accounts, loans, and credit cards. Unlike traditional banks, credit unions are not-for-profit organizations, meaning they focus on serving their members rather than maximizing profits. Members typically share a common bond, such as belonging to the same community or organization. Because of this structure, credit unions often offer lower fees, better interest rates, and a more personalized banking experience. Members have a say in the credit union's operations and decisions, reflecting its cooperative nature.