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Glossary Term: CREDIT UNION

Definition(s) for CREDIT UNION:


1. ) a nonprofit cooperative financial institution that provides credit to its members. Credit unions often pay slightly higher rates of interest on passbook-type savings accounts and charge lower rates on consumer loans.

2. ) Financial cooperative organization of individuals who have a common bond, such as place of employment or residence or membership in a labor union. Credit unions accept deposits from members, pay interest (in the form of dividends) on the deposits out of earnings and use their funds to provide consumer installment loans to members.

3. ) A PROFIT.htm'>not-for-profit financial institutions typically formed by employees of a company, a labor union, or a religious group and operated as a cooperative Credit Unions may offer a full range of financial services and pay higher rates on deposits and charge lower rates on loans than commercial banks Federally chartered credit unions are regulated and insured by the National Credit Union Administration See also National Credit Union Administration



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