Credit Unions

    • 46,377 credit unions in 97 countries (as of 2006)
    • Unions serving 172 million retail members controlling $1.1 trillion in assets
    • Credit unions date back to 1852
    • Some are non-profit organizations
    • Others are for-profit, with profits paid out via dividends to the owners
  • Credit unions are financial institutions which are owned privately by their members (unlike most banks that are owned by shareholders). Credit unions typically have higher interest rates on savings accounts and lower rates on loans than regular banks.
  • Membership

    Not everyone can join any credit union they please. The federal government restricts members to defined segments of the population, such as:

    1. Location (live, work, worship, or attend school in a well-defined geographic area)
    2. Job (employer or occupational group like teachers, doctors, etc.)
    3. Members of specific non-profit groups

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