what is a credit union

Credit unions are member-owned, not-for-profit financial cooperatives offering financial services to people willing to accept the responsibility and benefits of membership without gender, social, racial, political or religious discrimination. The combined investments by members are then used to make loans at competitively low interest rates with fewer fees and to provide a variety of other financial services to members.

Principles of a credit union


Volunteer membership

Credit union membership is made up of individuals who are united by a common bond of employment, association or community- democratically operate the credit union under state and federal regulations for the purpose of encouraging savings by offering a fair return.


Democratically member controlled

  • Each member has one vote, with equal opportunity for participation in setting policies and making decisions.
  • Credit unions are democratically managed by a volunteer Board of Trusties, elected by the membership.


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Financial education and training

Working to provide members with financial education and training and recognize the importance of ensuring that the general public and policy makers are informed about the nature, structure and benefits of financial cooperatives is one of a credit union’s primary roles.


Community service

Credit unions consistently work for the sustainable development of communities, including people of modest means, through policies developed and accepted by the members


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Annual Meeting

As a member, you are an owner of the credit union and invited to attend the organization’s Annual Meeting. At the Annual Meeting, you have a chance to learn how well the credit union is doing and meet with credit union staff and other members. You'll also have a chance to ask questions or raise issues.