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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
Mobile Payments
A way of making transactions using a mobile device, such as a smartphone or tablet, often made using a mobile payment or banking app.
Share Account
A savings account that represents ownership of a specific amount of money deposited with the credit union and establishes membership in the credit union.