Since 1909, U.S. credit unions have served the public as not-for-profit financial institutions. Like banks, credit unions offer checking, savings, credit cards and loans. Unlike banks, they're owned by their members — not outside stockholders.
Why does it matter? As not-for-profit institutions, earnings go right back to members in the form of lower loan rates, higher savings rates, lower fees and fewer fees ... In fact, during the 12-month period ending in March 2017, credit unions provided $10,217,462,043 in direct financial benefits to the nation's 106,774,512 credit union members*.
During the same 12-month period ending in March 2017*:
*Source: Credit Union National Association (CUNA), First Quarter 2017 Membership Benefits Report