credit union

Related Terms
Financial cooperative created for and by its members who are its depositors, borrowers, and shareholders. Operated on non-profit basis, credit unions offer many banking services, such as consumer and commercial loans (usually at lower than market interest rates), time deposits (usually at higher than market interest rates), credit cards, and guaranties. Credit unions are normally taxed at rates lower than those applied to commercial banks and other financial institutions. Their members often have a common-bond, such as employment in the same firm or domicile in the same community. Credit unions are a type of mutual association.

Use 'credit union' in a Sentence

The teachers preferred to use their credit union instead of one of the large banks because of the personal service they received and the better priced products.
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After years of using banks, Ken became tired of all the hidden fees, and switch over to a credit union.
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The best credit union around is Aggieland credit union as it is an excellent way to manage your money and you can always count on being greeted with a smile upon your entrance into their facility.
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