About Credit Unions About Credit Unions Credit Unions Vs. Once you deposit money in a credit union, you become a member, not just a customer, because your deposit is considered your share of the ownership in the credit union. Historically, credit unions offered only savings accounts and consumer loans.
Some credit unions offer credit cards, debit cards, checking accounts, IRAs and share certificates.
Credit unions also are expanding the types of loans they offer. Many offer mortgages, home equity loans, student loans and small-business loans to members. Credit unions may look like banks in that they both offer financial products and services to consumers. But that's where the similarities end and the differences begin. As cooperative organizations, credit unions exist solely to meet their members' financial needs, not to make a profit off of them.