A credit union is

Question

A credit union is

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A credit union is a type of depository institution that is owned by its members, who typically share a common bond such as working for the same employer or belonging to the same organization. Members pool their deposits to provide loans and other financial services to each other, often at lower rates or with more favorable terms than they could find at a traditional bank. Credit unions are not owned by shareholders or by the government, and they are typically not-for-profit organizations.

A Credit Union Is