In credit unions, the members are the owners. Regardless of their size or their field of membership, credit unions are different than for-profit financial institutions. Credit unions exist solely to serve their member-owners, who are the only depositors. Banks and other financial institutions exist to make money for their stockholders, not for their depositors. How Credit Unions Operate Members put their money into a common fund made up of individual accounts.
Members elect officials from amongst themselves to manage the fund.
Each member has one vote Members can obtain loans from the fund and are charged interest for use of the money. The interest accrued pays the cost of running the credit union. The rest of the earnings are distributed to all members as dividends.