definition
strict definition
credit union
A place where a cooperatively owned institution offers bank-like financial services to its members.
A credit union is a cooperatively owned and controlled financial institution which offers financial services to its members. It is similar to a bank except that only members with an ownership share may receive the offered services.
The services are offered through a cooperative institution owned and controlled by its members. Membership with an ownership share is part of the definition.
The institution can provide bank-like services without becoming a bank branch. The cooperative ownership and member-service relationship distinguish the credit union.
