What is a Credit Union?

Credit Unions are not-for-profit cooperatives, owned by the people who save and borrow there. Every member is an owner, with the right to vote for credit union officers and policies and the right to become a director. Credit Unions can offer nearly all of the personal financial services you'll ever need. And the best part is, you become part owner when you open your first account.

Credit Unions are independent organizations formed under state or federal law by a group of people who have something in common. They may all work at the same place, attend the same church, belong to the same professional group. For Credit Unions, this common point of interest is called a common bond, and it serves to unite the credit union members which makes loans more secure.

Although some common bonds include only a very specific group of people, others serve wider groups, so it is possible for most people to find a credit union they can join. The basic idea behind a credit union is people getting together to save and to borrow from their collective savings.

Best of all, credit union members are treated with respect and dignity when they do business with their credit union, because they're not just customers - they're member/owners.