What is a Credit Union?
A not-for-profit making money co-operative. The members can borrow from pooled deposits at low-interest rates.
Advantages of Credit Unions
- Part-owner of the organization; voting rights, receive dividends
- Higher interest rates than banks
- Owned by members of a common community or workplace
Disadvantages of Credit Unions
- Limited locations for ATMs
- Most are insured, but some may not be
- Credit Unions offer some, but not all of the same services banks offer
Examples of Credit Unions
- Healthcare Employees