The credit union is a cooperative and its customers are members. Credit unions typically are organized on behalf of a group of people who have something in common, such as an employer. The credit union's organizing charter will define who is eligible to become a member. The first credit union in the United States was formed in 1908 in New Hampshire. The idea behind credit unions originated in Germany in the mid-1800s.
Services vary among different credit unions.
From there, the list of services offered varies. Credit unions typically provide a selection of services that are tailored to the needs and interests of their members. There are more than 10,850 credit unions, with more than 76.7 million members. Someone interested in joining their credit union should probably first check with their employer to see if credit union services are available to employees. You may also wish to check with your spouse's employer.