There are no outside stockholders. Credit unions usually pay higher rates on savings accounts, lower rates on loans and charge fewer fees than the for-profit financial institutions.
Many credit unions are small, and offer only basic savings accounts and loans.
Others serve larger groups and offer a variety of services including credit cards, checking, ATMs, mortgages, loans for members with small businesses, even financial services accessible over the Internet. Credit unions, unlike most for-profit institutions, work together to help each other better serve their members and to serve the community. Many credit unions also volunteer their time to help with programs such as Habitat for Humanity, breast cancer awareness, scholarship programs and other programs designed to improve the quality of life of the members of their communities. A credit union s field of membership could be a small group, such as a local parish or company, to a multiple number of larger groups and those living or working in particular zip-code areas. There is no safer place to invest your money than in a credit union.