A credit union is different from a bank and other financial institutions in that the credit union is owned by you. Members who have accounts in the credit union are the owners of a credit union.
According to Wikipedia, “a credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at reasonable rates, and providing other financial services to its members.”
Credit unions are typically smaller than banks but exist in a wide range of sizes. Credit unions boards of directors are voted in a one person-one vote system regardless of the amount of money each person invests in the credit union. Policies such as interest rates are set by the Board of Directors. Credit unions are not-for-profit. This means they can offer lower frees and better loan rates. They also try to help members become financially literate and make better choices about their money.
Credit unions offer many of the same financial services as banks. These include savings (or share) accounts, checking accounts, credit cards, online banking, and certificates of deposit (sometimes called share term certificates). They have debit cards, ATMs, and online services.
Credit unions are different from “the norm.” For more information on credit unions and the chance to enter a video contest and earn cash and prizes visit: www.buckthenorm.com/bn.