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Credit Union
A cooperative financial institution that is owned and controlled by its members, who are also its customers.
More Details
A credit union is a type of financial institution that is owned and controlled by its members, who are also its customers. Credit unions are typically not-for-profit organizations that are run for the benefit of their members, rather than for the benefit of shareholders.
Example
If you prefer a member-owned cooperative instead of a traditional bank, you may seek out a credit union—such as MCU—as your next financial home.
Related Terms
Fair and Accurate Credit Transactions Act (FACT Act)
A federal law that aims to protect consumers from identity theft and fraud by providing greater access to and control over their credit information
Payroll Deduction
The deductions made by an employer from an employee's paycheck prior to direct deposit, usually to pay for elected benefits.
Pension
A regular payment made from one's employer after retirement, based on factors such as length of employment and earnings.

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