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Credit Unions often offer better rates while also not wishing to work with the bigger banks. Credit unions typically offer lower loan and credit card rates[1.1][1.3], and are generally more flexible when working with members who may have a troubled financial past[1.1]. Larger credit unions, in particular, may offer even better interest rate spreads on loans and deposits compared to commercial banks[1.3].
Credit union account holders and members are the bank's owners[2.1][2.3]. This unique structure means that credit unions are democratically controlled[2.1][3.2] and members are generally entitled to only one vote regardless of the amount of funds in their account[2.1][2.3]. You can learn more about this in our article: Member Control. They tend to, overall, have much higher customer satisfaction in surveys[1.1].
While not a charity, credit unions are not-for-profit cooperatives[3.2][3.3]. Their not-for-profit status means their focus is on providing financial services to members rather than maximizing returns for external shareholders[3.1][3.3]. The continuation of their tax-exempt status is tied to this cooperative, member-focused structure[3.3].
As of the end of 2024, there were over 67,000 credit unions across 101 countries serving over 412 million members worldwide[8.2]. The first successful credit union in North America was the *Caisse Populaire* founded by Alphonse Desjardins in Lévis, Quebec, in 1900[7.2]. The first American credit union, St. Mary's Cooperative Credit Association, was founded in **1909** in New Hampshire, also with assistance from Desjardins[7.1].
In the USA, credit unions are overseen by the NCUA (National Credit Union Administration), headquartered in Alexandria, Virginia, and their members' deposits are insured against loss by the National Credit Union Share Insurance Fund (NCUSIF)[2.1][3.2].
Additional Facts
- The Great Recession saw commercial bank failures primarily driven by exposure to non-household real estate[4.1].
- Samuel Jurkovič founded *Spolok Gazdovský* in 1845 in Slovakia, recognized as the first financial cooperative in Europe[6.2][6.1].
- The NCUA's legal counsel has confirmed that a credit union member is not liable for the debts of the credit union[2.1].