A credit union is a cooperative financial institution that is owned and controlled by its members, and operated for the purpose of promoting thrift, providing credit at reasonable rates, and providing other financial services to its members. They have recently begun to expand their services to include checking accounts, IRA’s and credit cards. Some have also begun to diversify in the types of loans that they offer.
Many credit unions worldwide offer student loans, small business loans and mortgages. In other words, credit union is a non-for-profit organization to which your financial well-being is always first. If this definition alone is not enough to convince you to switch from a bank to a credit union then Credit Union Place is your resource for more information.
Credit union place offers readers benefits, disadvantages, costs, and potential risks of putting your money in a credit union versus a bank. The site will review the government outlook for credit unions, who is eligible to join a credit unions, and their savings and loans procedures.