n. A financial cooperative similar to a bank but owned and controlled by its members, often restricted to a local area or sometimes to a single profession.
n. a cooperative depository financial institution whose members can obtain loans from their combined savings
thumb|A branch of the Coastal Federal Credit Union, in Raleigh, NC
A credit union is a member-owned financial cooperative, democratically controlled by its members, and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members. Many credit unions also provide services intended to support community development or sustainable international development on a local level.
Worldwide, credit union systems vary significantly in terms of total system assets and average institution asset size, ranging from volunteer operations with a handful of members to institutions with assets worth several billion US dollars and hundreds of thousands of members. Credit unions operate alongside other mutual and/or co-operative organisations engaging in cooperative banking, such as building societies.
Usage examples of "credit union".
An alumnus of the Lower East Side Peoples credit union, Lee is the Che Guevara of poor folks’.
A line of employees, getting ready for the weekend, was forming at the NSA Federal Credit Union, which had grown to 5,647 members.
The newspaper's credit union, unaware of his resignation the day before, had been pleased to make the loan.
Colavito the stockbroker, for instance, would've offered to invest her windfall in red-hot would've advised her to deposit it all in the police credit union, so he could withdraw large sums secretly to spend on his girlfriends.
He looked back once and saw a man he believed to be Roger Lernerd, the head loan officer at Harold's credit union, trying to start his car in the parking-lot of the Canal Mini-Mall.
So I took out a loan on our aging 1969 Mercury, and Barbara managed to borrow the rest through her credit union at Memorex, where she worked as a secretary.
Among the smashed or stolen items were: the only dentist drill, all medicine from the clinic and drugs from the pharmacy, typewriters, a radio transmitter, all phonograph records, sculpture in the art workshop, instruments for the children's band, food and plates from the dining hall, records from the credit union, and just about everything else that human beings could put to any use at all.
Oh, one day you'd figure it out, probably the next time you get a statement from the Credit Union.
His savings, more than $100,000 in Gold Certificates, were kept in the Homestead Air Force Base Credit Union, at eight per cent.