A credit union is a member-owned nonprofit cooperative financial institution. It may offer financial services equivalent to those of a commercial bank, such as share accounts, share draft accounts, credit cards, loans, share term certificates and online banking, but ordinarily only a member of the credit union may deposit or borrow money; in several African countries a credit union is commonly known as a SACCO. This description is adapted from Wikipedia contributors under CC BY-SA 4.0; changes were made. https://creativecommons.org/licenses/by-sa/4.0/
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The credit union is one of the cooperative movement's most widespread institutional forms, a member-owned financial cooperative built on the same mutual-aid principles.
Credit unions and rotating savings and credit associations are both member-based mutual savings institutions, the latter an informal precursor found across many cultures to the formally chartered credit union.
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Credit Union (Wikipedia)
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A credit union is a member-owned nonprofit cooperative financial institution.
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