A federal credit union is a nonprofit, cooperative financial institution owned and run by its members. Organized to serve, democratically controlled credit unions provide their members with a safe place to save and borrow at reasonable rates.
Members pool their funds to make loans to one-another.
The volunteer board that runs each credit union is elected by the members. Not for profit, not for charity, but for service is a credit union motto. Credit unions are not new. Originating in Europe, credit union history began in this country when the first credit union was formed in Manchester, New Hampshire, in 1909. More and more people join credit unions every year and they are pleased with the service.