A "credit union" is a co-operative financial institution that is owned and controlled by its members, generally through the election of a Board of Directors. Members of a credit union may deposit money with the credit union, or borrow money from it. A credit union operates similarly to a bank, and provides banking and financial services, including savings accounts, mortgages, and home equity loans, to its members. Credit unions are set up by employee and community associations, labor unions, church groups, and other organizations. Because they are not-for-profit, credit unions tend to charge lower fees and interest rates on loans than commercial banks while paying higher interest rates on savings accounts.

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