federal credit unions

Federal credit unions are not-for-profit financial institutions that provide banking services to their members. They are organized around a common bond, such as a workplace, community, or organization, and operate under federal regulations. Members pool their savings to offer loans and other financial products at lower rates than traditional banks. Because they prioritize member benefits over profits, federal credit unions often provide better interest rates, lower fees, and personalized service. Each member has an equal vote in decision-making, promoting a cooperative approach to finance. The National Credit Union Administration (NCUA) oversees their operations and insures member deposits.