A credit union is a member-owned financial institution that provides a range of banking services, such as savings accounts, loans, and checking accounts. Unlike traditional banks, credit unions are not-for-profit organizations, meaning they aim to serve their members rather than maximize profits. Members typically share a common bond, such as working for the same employer or living in the same community. Credit unions often offer lower fees and better interest rates compared to banks. They are governed by a board of directors elected by the members, ensuring that the interests of the members are prioritized. This cooperative structure fosters a sense of community and trust among members.