What are the objectives and natures of credit unions?
Credit unions are financial cooperatives that are owned by their members, working together to provide financial services such as savings, loans, mortgages and investments. Credit unions are not-for-profit organizations that focus on people rather than profits, and offer members lower fees, better interest rates, and more personalized service than larger, for-profit institutions. The objectives of credit unions are to provide members with access to financial services, promote financial literacy, and to pool resources to provide members with loans and other financial services. The nature of credit unions is to be an alternative to traditional banking, offering members a more personalized experience and more competitive rates.