Changes

A '''credit union''' is a cooperative financial institution, operated similarly to a traditional bank.  They operate on a "not-for-profit" basis (and it is common for the credit union, at the end of a successful year, to declare a special "dividend", similar to an additional interest payment, on deposits).

A '''credit union''' is a cooperative financial institution, operated similarly to a traditional bank.  They operate on a "not-for-profit" basis (and it is common for the credit union, at the end of a successful year, to declare a special "dividend", similar to an additional interest payment, on deposits).

Unlike banks, which are owned either as publicly-traded companies or as private investments, credit unions are owned by its members, and the members elect the major officers of the credit union.

Unlike banks, which are owned either as publicly traded companies or as private investments, credit unions are owned by its members, and the members elect the major officers of the credit union.

Also unlike banks, credit unions serve limited memberships, which may be based on employment (such as employees of a company) or residence (such as all persons residing in a county).  The general rule, though, is "once a member, always a member" (thus, if a member leaves the company or moves outside the residence, so long as s/he maintains an account, s/he remains a member, but if the account is terminated, membership may be lost).

Also unlike banks, credit unions serve limited memberships, which may be based on employment (such as employees of a company) or residence (such as all persons residing in a county).  The general rule, though, is "once a member, always a member" (thus, if a member leaves the company or moves outside the residence, so long as s/he maintains an account, s/he remains a member, but if the account is terminated, membership may be lost).