Credit Unions are financial co-operatives that are owned and democratically controlled by their members. Credit Unions provide members with flexible savings and loans in the same way as banks but there are key differences between them:
Banks/Other Financial Institutions:
This business model enables credit unions to pay dividends to their members but also provide them with lower-cost loans, higher savings rates and fewer service fees.
What is the common bond between members?
The common bond is the factor which is the qualifying criteria for membership to a particular credit union. In other words, it is what all members have in common. Typically, there are three categories of common bond: