Nonprofit financial institutions owned by members who have something in common. You must be within the credit union's field of membership to join a credit union. All individuals must share a common bond with one another either in a single group, a multiple group or a community credit union. There are three types of common bonds. Your house of worship or local community group may have started or may belong to a credit union you can join.
Credit unions operate under federal or state laws.
Accounts in credit unions are insured. Most credit unions have their accounts insured by the federal government. Some state chartered credit unions have private insurance. With a debit card you can make deposits to, or withdrawals from, your checking account at ATMs, or pay for goods and services at stores and other businesses. Also, the act of adding money to your checking or savings account.