What is a Credit Union? A credit union is a supportive financial institution. A credit union is owned and operated by the people who use its services, not a handful of stockholders. The credit union serves groups of people who have a common bond, like where they work, live, or go to church. Credit unions are not-for-profit, and exist to provide a safe, convenient place for members to save money and to receive competitive loan rates. Credit unions are a great place for members to earn dividends and obtain a multitude of low cost financial services.   The credit union idea is a simple one: People should be able to pool their money and make loans to each other. It’s an idea that evolved from cooperative activities in the 19th century Europe.    Since that time, the idea's guiding principles have remained the same. Credit unions live by the motto “Not for profit, not for charity, but for service”. Members are, after all, borrowing their own money and that of their friends. These principles still govern most of the world's credit unions.   Credit unions continue to look out for their members’ interests and provide a level of service that is not generally available at other financial institutions. Whether it’s providing a loan to help a member cover unexpected medical bills, giving financial counseling to a member whose company closed its doors, or simply offering a better deal on a used car loan, credit unions make a difference for their members and the communities they serve.