Credit Union

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
  • Teachers
  • Navy