By now you’re probably already an active, happy member of your credit union. But do you know exactly what a credit union is?
A credit union is a financial institution that’s formed by an organized group of people with a common connection like work, location or even family. Loans and other financial services come from the pooled assets of all the credit union members.
Credit unions are not-for-profit, which means they can pass on any of their profits straight to their members through things like lower rates, better fees and dividends.
The main credit union philosophy is to always put their members first, which you’ll see in their terrific member service and those low rates and fees we mentioned. Credit unions also make the communities they serve a priority and do everything they can to donate time and money to help out local causes and organizations.