Credit Union

Credit Union - A credit union is a member-owned financial cooperative that provides traditional banking services, including accepting deposits, making loans, and offering other financial products to its members. Unlike banks, credit unions operate on a not-for-profit basis, returning profits to members in the form of lower loan rates, higher savings yields, and lower fees.

Class Information

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Identification

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Credit Union
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Alternative Labels
Cooperative Bank, Cooperative Financial Institution, Member-Owned Financial Institution
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Definition and Examples

Definition
A credit union is a member-owned financial cooperative that provides traditional banking services, including accepting deposits, making loans, and offering other financial products to its members. Unlike banks, credit unions operate on a not-for-profit basis, returning profits to members in the form of lower loan rates, higher savings yields, and lower fees.
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Deprecated
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