credit union


A non-profit financial institution that is owned and operated entirely by its members. Credit unions provide financial services for their members, including savings and lending. Large organizations and companies may organize credit unions for their members and employees, respectively. To join a credit union, a person must ordinarily belong to a participating organization, such as a college alumni association or labor union. When a person deposits money in a credit union, he/she becomes a member of the union because the deposit is considered partial ownership in the credit union.

Use credit union in a sentence

You may have to go to a credit union to try and secure a loan if all of the banks have turned you down.

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He worked for a really good credit union and that made me happy, because he really tried hard to find a great job.

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After John passed his probationary period at the health department, he became part of the municipal credit union for his banking needs so he could obtain a lower-interest home loan.

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