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What is a credit union?

What is a credit union?

In general, a credit union is a cooperative in which members of a closed group may deposit their funds and from which such members may borrow. The members of the closed group would generally be fellow employees in this context. Since a credit union competes with banks and similar institutions, its value as a benefit is based on the ease with which members may establish credit, rates of interest paid and charged, and the safety of deposits.

Reprinted with permission. © CCH
<p>In general, a credit union is a cooperative in which members of a closed group may deposit their funds and from which such members may borrow.</p>

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