Credit unions are member-owned financial institutions that offer a variety of banking services similar to traditional banks, including savings and checking accounts, loans, and credit cards. Unlike banks, credit unions operate as non-profit entities, meaning they return profits to their members in the form of lower fees, higher savings rates, and better loan terms. Credit unions often provide more personalized customer service and may have a community-focused approach, catering to the specific needs of their members. Membership typically requires meeting certain criteria, such as living in a particular area, working for a specific employer, or being part of a certain organization. Credit unions also emphasize financial education and support to help members achieve their financial goals.
