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Finance Dictionary and Glossary of Investment Terms
A not-for-profit institution that is operated as a cooperative and offers financial services such as low-interest loans, to its members.
Member-owned financial co-operative. These institutions are created and operated by its members and profits are shared amongst the owners.
A non-profit financial institution that is owned and operated entirely by its members. Credit unions provide financial services for their members, including savings and lending. Large organizations and companies may organize credit unions for their members and employees, respectively. To join a credit union, a person must ordinarily belong to a participating organization, such as a college alumni association or labor union. When a person deposits money in a credit union, he/she becomes a member of the union because the deposit is considered partial ownership in the credit union.