What is a credit union?
“A cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at reasonable rates and providing other financial services to its members”

Benefits of a Credit Union
- because they’re a non-for-profit, they can offer higher rates of interest on deposits and lower rates of interest on loans.
- because of online banking, access to a credit union is now easy and much more convenient.
- to resolve the lack of availability of ATMs, they have joined ATM networks so that members can use their credit union cards at various machines.
- business typically gets done much faster.
- the institution is making financial decisions with the best interest of its members in mind instead of bank executives.
- Because this type of financial institution is non profit, they can offer lower rates for loans as well as lower fees. They return earnings to their members as dividends or better services.  
- A CU issued credit card hardly ever has annual fees and the interest rates are much lower than banks.  

Many credit unions have begun to diversify in the types of loans they offer, including:
Auto loans
Personal loans
Student loans
Home equity loans
Home loans 
Business loans
Debt consolidation loans

Credit unions are insured by the National Credit Union Administration which provides insurance coverage on deposits up to $250,000. Membership can depend on living or working within certain communities but most consumers are eligible.

For more information, visit these websites -

http://www.cuna.org/

http://www.findacreditunion.com/

http://www.creditunion.coop/cu_locator/quickfind.php