What is a Credit Union?

• Credit unions are not-for-profit, member-owned financial institutions.
   
• All offer loans and savings accounts, and many provide access to checking accounts, ATM/debit cards, and many other financial services.
   
• They are operated by a member-elected Board of Directors.
   
• The Board receives no compensation.
   
• Credit unions generally offer better rates and lower fees. 
   
• Because of their cooperative form of ownership, credit unions of all sizes are exempt from taxation.