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About Credit Unions

What is a credit union?

A credit union is a not-for-profit, member-owned financial institution governed by its members. Credit union members normally have a common bond such as where they work, live, or worship. This is known as a field of membership. Since there are no outside stockholders, all earnings are retained by the credit union. That's why credit unions generally pay higher returns on savings and charge lower interest rates on loans than for-profit financial institutions. Once operating expenses and reserve requirements are satisfied, the income generated by loans and investments is returned to the members in the form of dividends, new and improved services, and equity.

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