A credit union is a member-owned financial cooperative, controlled by its members and operated on the principle of people helping people.
Credit Unions are different than banks because they are half of the size of banks and nonprofit organizations that the members are volunteers.
Their function is same as banks hence they offer the customers the same services that you can have a debit card and save your money in your account. The customers can get a loan, have a credit card etc. Many people believe that they should work for government or relate to military, and they do not believe credit unions will offer the same services as banks.
The Advantages of Credit Unions are;
Eligibility Requirements: The members of credit unions are members of communities like region, workplace etc.. Therefore, the customers are eligible.
Interest Rates: Credit unions are preferable by customers because they offer lower rates for loans and higher rates for saving accounts. By clicking on here, you can see the lowest rates in your state or in all around USA by filtering rate type state.
Insurance: Federal National Credit Union insures credit unions, and they provide the same protections that the Federal Deposit Insurance Corporation applies to banks. The members are protected by NCUA’s insurance.
Financial Literacy Resources: The websites of credit unions educate the customers about managing their money. That is, they are good sources for financial information. They organize seminars in order to decrease theft rates and increase the proper management of credit cards etc.