What is a credit
union?
A credit union is a
financial institution that's owned by the people who use its services. The
credit union is a cooperative and its customers are members.
Credit unions typically are organized on behalf of a group of people who
have something in common, such as an employer. The credit union's organizing
charter will define who is eligible to become a member.
When did credit
unions start?
The first credit
union in the United States was formed in 1908 in New Hampshire. The idea
behind credit unions originated in Germany in the mid-1800s.
What financial
services do credit unions offer?
Services vary among
different credit unions. Credit unions all offer savings accounts, typically
referred to as "Share accounts." From there, the list of services
offered varies. Credit unions typically provide a selection of services that
are tailored to the needs and interests of their members.
How many credit
unions are there in the United States?
There are more than
10,850 credit unions, with more than 76.7 million members.
How can someone
become a credit union member?
Someone interested
in joining their credit union should probably first check with their
employer to see if credit union services are available to employees. You may
also wish to check with your spouse's employer. You can also contact the
credit union representative in your state to get more information on
community credit unions and other options available to you.
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