Credit unions are non-profit financial institutions that are owned and operated by their members. They provide a range of financial services, including savings accounts, loans, and credit cards, often at lower fees and better interest rates than traditional banks. Members of a credit union typically share a common bond, such as working for the same employer or living in the same community. Unlike banks, which aim to generate profit for shareholders, credit unions focus on serving their members' needs. This member-centric approach fosters a sense of community and encourages responsible financial practices. As a result, credit unions often promote financial education and support local initiatives.