In the United States, credit unions are not-for-profit organizations that exist to serve their membership rather than to maximize corporate profits. Like banks, credit unions accept deposits and make loans but as member-owned institutions, credit unions focus on providing a safe place to save and borrow at reasonable rates. Unlike banks, credit unions return surplus income to their members in the form of dividends.
Credit unions also differ from banks and other financial institutions in that those who have accounts in the credit union are its members and owners; they elect their board of directors in a one-person-one-vote system regardless of the amount invested. Credit unions are democratically operated by the membership, allowing account holders an equal say in how the credit union is operated, regardless of how much they have invested in the credit union. So you, the membership, decides who it will serve!
DISCLAIMER: This site provides information about and access to financial services offered by IBEW Local 66 Federal Credit Union, member of the National Credit Union Association (NCUA). Please see your account agreement for information about MyCU66 and IBEW Local 66 Federal Credit Union as it relates to your account(s). IBEW Local 66 Federal Credit Union does not provide, endorse, nor guarantee and is not liable for any third party products, services, educational tools, or other information available through this site. Read Digital Privacy & Cookies Disclosure. IBEW Local 66 Federal Credit Union is a federally insured financial institution.