The Credit Union Difference
Learn More About Credit Unions
A credit union is a cooperative financial institution, owned and controlled by the members who use its services. Credit unions are not-for-profit, and exist to provide a safe, convenient place for members to save money and to get loans at reasonable rates.
Credit unions serve groups that share something in common, such as where they work, live, or go to church. All credit unions are audited regularly by state or federal examiners to ensure sound financial practices and credit union well-being.
Hermann Schulze-Delitzsch and Friedrich Wilhelm Raiffeisen created the first true credit unions in Germany in 1852 and 1864. In 1864, Raiffeisen organized a new credit union along principles still fundamental today.
“Money alone will improve nothing,” wrote Friedrich Raiffeisen. “Much more important is education in the purposeful use of funds made available by credit unions to bring about improved conditions.