CREDIT UNION

Credit union is a not-for-profit co-operative financial institution that is owned and controlled by its members, through the election of a volunteer Board of Directors elected from the membership itself. Only a member of a credit union may deposit money with the credit union, or borrow money from it. A credit union differs from a traditional financial institution (banks, savings and loan, etc.) in that the members who have accounts in the credit union are the credit union's owners. A credit union is a co-operative institution, with policies governing interest rates and other matters set to benefit the interests of the membership as a whole.

How do I join a Credit Union?

To join a Credit Union, you must be eligible for membership. Each institution decides who it will serve. Most credit unions are organized to serve people in a particular community, group or groups of employees, or members of an organization or association. Want to join a credit union? Autobysite can help. Click here for more information.

What is the difference between a Credit Union and Bank?

Since Credit Unions are "not for profit" they exist primarily to provide benefits to the members and they have different regulatory requirements that may permit them to offer interest rates and other terms that may be more favorable than those offered by a bank.