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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.^[1] Many credit unions exist to further community development^[2] or sustainable international development on a local level.^[3] Worldwide, credit union systems vary significantly in terms of total system assets and average institution asset size^[4] since credit unions exist in a wide range of sizes, ranging from volunteer operations with a handful of members to institutions with several billion dollars in assets and hundreds of thousands of members. Yet Credit unions are typically smaller than banks; for example, the average U.S. credit union has $93 million in assets, while the average U.S. bank has $1.53 billion, as of 2007.^[5]

The World Council of Credit Unions (WOCCU) defines credit unions as "not-for-profit cooperative institutions."^[6] In practice however, legal arrangements vary by jurisdiction. For example in Canada credit unions are regulated as for-profit institutions, and view their mandate as earning a reasonable profit to enhance services to members and ensure stable growth.^[7] This difference in viewpoints reflects credit unions' unusual organizational structure, which attempts to solve the principal-agent problem by ensuring that the owners and the users of the institution are the same people. In any case, credit unions generally cannot accept donations and must be able to prosper in a competitive market economy.

Credit unions differ from banks and other financial institutions in that the members who have accounts in the credit union are the owners of the credit union^[8] and they elect their board of directors in a democratic one person-one vote system regardless of the amount of money invested in the credit union.^[9] A credit union's policies governing interest rates and other matters are set by a volunteer Board of Directors elected by and from the membership itself.^[10] Credit unions offer many of the same financial services as banks, often using a different terminology; common services include share accounts (savings accounts), share draft (checking) accounts, credit cards, share term certificates (certificates of deposit), and online banking.^[11] Normally, only a member of a credit union may deposit money with the credit union, or borrow money from it.^[12] As such, credit unions have historically marketed themselves as providing superior member service and being committed to helping members improve their financial health. In the microfinance context, "[c]redit unions provide a broader range of loan and savings products at a much cheaper cost [to their members] than do most microfinance institutions."^[13]

Credit Union Subcategories Personal Loan > Bad Credit > Credit Cards > > Credit Report > FICO > Credit Report > Adverse Credit > Credit Report > Credit Score > Credit Report > Credit Repair > Adverse Credit > > Bad Credit > > Credit Score > > Credit Repair > > Credit Union Articles Advantage of Credit Unions by Melanie C Dec 22, 2008 If you are unhappy with your banking experience it might be time to try another financial institution such as a credit union. Credit unions are owned by their customers so they have lower overheads - they don't have to pay owners a dividend. This ... How to fix bad credit... by Geoff Morris Mar 06, 2008 So, you just went to by a new hi-fi, wanted on the special three year no-money-down low interest option, and Bingo! Application turned down. Shock, horror, embarrassment – what could have gone wrong? Unfortunately, to many people, credit scor... Things To Know Before Getting An Auto Loan In The USA by Denis Dcosta Jan 09, 2008 When you consider purchasing a new car, a lot of us usually do not have the money lying around to pay for it straight up. As a result, an auto loan in America becomes a needed thing. There are lots of things that you should know befo... How To Increase Your FICO Score by Rebecca Ashby Dec 20, 2007 Your FICO score is the measurement that the three credit rating agencies, Experian, Equifax and Trans Union use to determine your ability to qualify for a loan as well as the interest rate that you will pay for that loan. FICO scores range from three... Want the best interest rate on a car loan in California, check out a credit union by Paige Filler Jun 25, 2007 Car shopping requires a bit of prep work, that is if you want to get a good deal on a reliable vehicle. Aside from the obvious time that should be put into research about the make and models of your choice, the market and price ranges, you will also ... Do You Know What Your Credit History Looks Like? by Dr. Credit Jun 04, 2007 Banks, credit card companies, retail stores who offer credit, car leases, car loans, student loans- they all report to the credit bureau. If you have ever had any dealings with any of the aforementioned institutions, then you can be sure that ... Understanding Your Credit by Dr. Credit Jun 04, 2007 Credit has become one of the most important things in our day to day life. Our credit report is in a way like a financial report card. All the finance companies we deal with on a daily basis such as the credit card companies, banks, lenders and sto... Union Plus Credit Card Review - The Ideal Credit Cards For All Circumstances by Anthony Samuel May 08, 2007 homebusinessreview@googlemail.com. Best regards Anthony Samuel http://www.apply-for-a-credit-card-now.com Union Plus Credit Card Review - The Ideal Credit Cards For All Circumstances If you are looking for a Union Plus Credit Card,... Premises for becoming an Arrowhead Central Credit Union member by Ken Wilson May 06, 2007 There was a time when joining a credit union was not the easiest thing to do. Now, they are more open to the public, so that you can have all the benefits they offer. Anyone could be eligible for Arrowhead Central Credit Union, and all you have to do...