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.
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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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Source Credit Union (Wikipedia)Article texttier 2Quote, Article text
In 1864, Friedrich Wilhelm Raiffeisen founded the first rural credit union in Heddesdorf (now part of Neuwied) in Germany.
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Credit Union (Wikipedia)
Wikimedia FoundationLead sectionQuote, Lead section
A credit union is a member-owned nonprofit cooperative financial institution.
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