A credit union is a financial institution that is similar to bank but differs is several key ways. A credit union is a member-run cooperative that is democratically controlled by its members. Credit unions seek to promote thrift and offer credit and other financial services to their members at competitive rates. Many credit unions also provide services to support community development. The main way that credit unions differ from banks is in their operation. Anyone holding an account at the credit union, in effect, owns part of the credit union. They are run by a board of directors chosen in an election where each member gets one vote, no matter how much money they have invested. Credit unions often receive higher scores in customer satisfaction than banks, and they normally offer most of, if not all, the same services that are found in banks.
