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 Credit Union Basics
 

 

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.

 

 

 

Read more >> Credit Unions and Banks: What is the Difference?

 

 

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