A credit union is like a bank. It provides bank services. But a credit union is different in three ways:
|Owned by its members
||Owned by a company
|Not for profit
Not open to the public
Only for people who are in the same group, work for a particular company or live in the same area
|Open to the public
Credit unions may have fewer services than a bank and may be open shorter hours. But they may also charge lower fees and make it easier for you to get a loan.
Can you join a credit union? Find out if one is near you. You can talk with friends, look in the telephone book, ask at the library or find a credit union on the National Credit Union Administration’s list.
There are also credit unions developed for low income people in a neighborhood.