13 Facts About Credit unions

Credit unions union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit financial cooperative.

Credit unions generally provide services to members similar to retail banks, including deposit accounts, provision of credit, and other financial services.

Credit unions differ from banks and other financial institutions in that those who have accounts in the credit union are its members and owners, and they elect their board of directors in a one-person-one-vote system regardless of their amount invested.

Credit unions offer many of the same financial services as banks but often use different terminology.

Surveys of customers at banks and credit unions have consistently shown significantly higher customer satisfaction rates with the quality of service at credit unions.

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Credit unions have historically claimed to provide superior member service and to be committed to helping members improve their financial situation.

Credit unions went on to develop a highly successful urban credit union system.

In November 1910 the Woman's Educational and Industrial Union set up the Industrial Credit Union, modeled on the Desjardins credit unions it was the first non-faith-based community credit union serving all people in the greater Boston area.

The St Mary's Bank Credit unions Union serves any resident of the Commonwealth of Massachusetts.

The Regional Confederation of Latin American Credit Unions was formed and with funding by the Inter-American Development Bank credit unions in the regions grew rapidly throughout the 1970s and into the early 1980s.

Corporate credit unions provide service to credit unions, with operational support, funds clearing tasks, and product and service delivery.

World Council of Credit Unions is both a trade association for credit unions worldwide and a development agency.

The WOCCU's mission is to "assist its members and potential members to organize, expand, improve and integrate credit unions and related institutions as effective instruments for the economic and social development of all people".