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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
Personal Banking
A type of banking that provides financial services to individuals, such as checking and savings accounts, loans, and investment management.
Payroll Deduction
The deductions made by an employer from an employee's paycheck prior to direct deposit, usually to pay for elected benefits.
Savings Account
A basic account that securely holds funds for an individual while also allowing them to earn interest on the account balance.