How is a credit union different from a bank?
A credit union is a not-for-profit financial cooperative that is owned and operated by its members. Members of a credit union share a common bond, also known as the credit union’s “field of membership.” Like banks, credit unions accept deposits, make loans, and provide a wide variety of other financial services. Profits made by credit unions are returned to members in the form of reduced fees, higher savings rates, and lower loan rates.