What Is A Credit Union?
A credit union is a financial institution where people conduct financial transactions, but it is not a bank. A credit union is a non-for-profit, financial co-operative owned and operated by its members with a two-fold purpose
To encourage thrift through savings and;
To provide loans and other services to its members
The members pool their financial assets to provide funds for loans and a variety of other financial services. Every member has a say in how their credit union is run, through their elected, all-volunteer board of directors. All members can vote, and each member gets only one vote, no matter how much business that member does with the credit union. The members decide on policies that best safeguard or ensure their own best interests. The essential difference between credit unions and other financial institutions is that credit unions are co-operatives that exist to serve their members. They are dedicated to the credit union motto: