Not sure exactly what a credit union is? You are not alone! There is a lot of general confusion, because, lets face it, the two words that make up the term credit union are "credit" and "union." Credit unions were created by groups of who came together and pooled their money to lend out (this is where the "credit" part came from) amongst the group (or "union") because they didn't have access to other financial institutions or couldn't qualify for, or afford the cost, a loan.
Every credit union has a humble beginning that started with a few small contributions from a handful of people who were underserved financially. The universal credit union motto is "people helping people" because that's truly the foundation of our entire industry.
While in the beginning credit unions offered very limited services and products (mainly loans!) today we do it all and offer almost any product or service you would find at a traditional bank. No matter what you're looking for – a loan, a checking account, a savings account, a CD, an IRA, a safety deposit box – we've got you covered! Some credit unions even do business lending!
One major misconception about credit unions is that we are "mom and pop" financial institutions that offer great personal, service, but are inconvenient because of our size and reach. While credit unions still strive to maintain the same personal service we've always offered, we've banded together to really step up our game and find solutions to make banking with us convenient for our members.
Here's a video on more!