A credit union serves groups that share something in common, such as where they work, live, or go to church. Credit unions, like other financial institutions, are closely regulated. And they operate in a very prudent manner. The National Credit Union Share Insurance Fund, administered by the National Credit Union Administration , an agency of the federal government, insures deposits of credit union members. Like credit unions, these financial institutions accept deposits and make loans - but unlike credit unions, they are in business to make a profit.
Credit unions offer a variety of products and services to their members.
From savings and checking accounts to consumer loans and mortgages, credit unions have what it takes to meet their members' financial objectives. Credit unions also provide members with services that may not be available at other financial institutions. For example, they frequently make special provisions to help members through layoffs and other financial hardship. Unlike many other financial institutions, credit unions routinely provide small loans to members in need. These loans are hard to find elsewhere because they are simply not profitable enough for other financial institutions.