What is a Credit Union?

Sustainability. Credit unions are member-owned financial cooperatives that provide opportunities for generations of members. As financial intermediaries, credit unions finance their loan portfolios by mobilizing member savings and shares rather than using outside capital, thus providing opportunities for generations of members.

Equality. Credit unions serve members from all walks of life, including the poor and disenfranchised. In some countries, members encounter their first taste of democratic decision making through their credit unions. As democratic, member-owned financial cooperatives, all members may run for the board and cast a vote in elections, regardless of account size.

Choice. As not-for-profit cooperative institutions, credit unions use excess earnings to offer members more affordable loans, a higher return on savings, lower fees or new products and services. Sometimes credit unions are the only institutions to offer formal financial services to people living in poorer communities whose only chance at accessing savings and loans is to sacrifice large portions of their hard-earned income or to pay rates higher than they can afford.

The Difference Between Banks and Credit Unions Part 1: Structure, Profit, & iPods Produced by: Common Wealth Credit Union's Young & Free Initiative Watch	The Difference Between Banks and Credit Unions Part 2: Location, Location, Location. (and ATMs) Produced by: Common Wealth Credit Union's Young & Free Initiative Watch	The Difference Between Banks and Credit Unions Part 3: Giving Back Produced by: Common Wealth Credit Union's Young & Free Initiative Watch
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