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What is a Credit Union

Credit unions are not-for-profit cooperative financial institutions that are owned by their members. Their directors are volunteers elected from within the credit unions' membership.

Credit unions offer most financial services found at banks, including loans, savings accounts, checking accounts, IRAs, internet account access, bill pay and more.

Credit unions vary in sizes. Some are small and operate in church basements, while others serve hundreds of thousands of members throughout entire communities. But all are non-profit cooperatives, and all share the same philosophy of "People Helping People."

Credit unions generally offer better rates on loans and savings than do commercial banks, due to credit unions' unique operation. While banks must make profits for their shareholders, credit unions exist only to serve their members. So instead of sending dividends to shareholders, your credit union returns it to you through better rates and improved services.

As a result, consumers have ranked credit unions as the leaders among financial institutions in customer satisfaction surveys.

Credit unions rank #1 in customer service

For the 18th straight year, Americans ranked credit unions at the top for customer service and member satisfaction in the American Banker/Gallup Consumer Survey. In the survey, 76% of credit union members are “very satisfied”, up from 75% last year. Credit unions were ranked higher than banks and thrifts in all customer service categories in the survey. That's why we say credit unions are "Where people are worth more than money."