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What Is A Credit Union?
A federal credit union is a nonprofit, cooperative financial institution owned
and run by its members. Organized to serve, democratically controlled credit unions
provide their members with a safe place to save and borrow at reasonable rates. Members
pool their funds to make loans to one another. The volunteer board that runs each credit
union is elected by the members. Not for profit, not for charity, but for service is a
credit union motto.
History of Credit Unions
Credit unions are not new. Originating in Europe, credit union history began in
this country when the first credit union was formed in Manchester, New Hampshire, in 1909.
Today, over 12,000 credit unions with $316 billion in assets serve 70 million people in
the United States. More and more people join credit unions every year and they are pleased
with the service. Credit unions have rated No. 1 in customer satisfaction at financial
institutions for 10 years according to the American Banker Newspaper's annual customer
satisfaction survey.
To join a credit union, you must be eligible for membership. Each institution decides who
it will serve. Most credit unions are organized to serve people in a particular community,
group or groups of employees, or members of an organization or association.
Visit these related sites for more CU Info:
 Florida Credit Union League
National
Credit Union Administration
World Council of Credit Unions
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