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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
Payroll Deduction
The deductions made by an employer from an employee's paycheck prior to direct deposit, usually to pay for elected benefits.
Mobile Check Deposit
A feature in a banking app that allows a user to deposit a check into their bank account, typically by taking pictures of the check.
Late Fee
A penalty charged by a lender to a borrower who fails to make their required minimum payment on time.

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