With more banks going under and money loans being harder to obtain, people are looking for alternative places to put their savings and borrow money from. A credit union could be a good alternative for you.
A credit union is a cooperative financial institution owned and controlled by the people it services. These people are members of the credit union and share something in common, such as where they work or live. A bank is owned by stockholders whose interest is to earn a healthy return on the money they have invested into a bank.
Credit unions are financial institutions that are not-for-profit, unlike banks which operate for profit. A credit union operates for the benefit of it's members, not the stockholders.
Credit unions provide a safe, convenient locations for members to save their money and obtain loans at a reasonable rate.
Credit unions are closely regulated, with the National Credit Administration insuring credit union deposit accounts up to $100,000.