What is a Credit Union?
A credit union is a group of people who join together
to save money and make loans to each other at favorable
rates. These people usually have something in common,
such as their place of work, hometown, school, professional
organization, or labor union, to name just a few examples.
There are even credit unions that are run by and for
elementary, high school, and college students. Today,
there are 14,000 credit unions serving 62 million
members in the United States.
|
 |
Credit unions are unique because
they are not- for-profit financial cooperatives that
have a long and proud history of "people helping
people."
What credit unions can do for you?
When you join a credit union, you're not a customer,
you are a member. Your savings are called shares and
represent ownership in the credit union. No matter
what your age or income, you're eligible to join a
credit union. In fact, credit unions take a special
interest in teaching young people how to save and
spend wisely and how to learn to use financial services
responsibly.
|
