Core Insights - Credit unions are gaining popularity as an alternative to for-profit banks, with membership reaching 145 million by late 2025 [4] - They offer competitive rates on financial products, including savings accounts and share certificates, due to their not-for-profit structure [9][10] - Membership eligibility for credit unions is often based on community, workplace, or organizational ties, although many now have more permissive requirements [3][6] Group 1: Membership and Eligibility - Credit unions are not-for-profit institutions owned by their members, historically requiring a common bond for membership [3] - Many credit unions have relaxed membership requirements, allowing broader access [2][6] - Individuals can find credit unions associated with their existing memberships or organizations, such as those for educators [14][15] Group 2: Financial Products and Services - Credit unions typically offer a variety of financial products, including checking and savings accounts, share certificates, and loans [2][5] - They often provide lower fees compared to traditional banks, redistributing profits back to members [6][8] - Members receive dividends, which are interest payments, potentially leading to higher returns on savings products [9] Group 3: Customer Service and Community Focus - Credit unions emphasize personalized service and relationship-building with members [11][13] - They are often deeply rooted in their communities, supporting local initiatives and charitable giving [18] - Accessibility is enhanced through branch locations and robust digital banking options, including online bill payment and mobile check deposit [12] Group 4: Comparison with Banks - Credit unions offer member ownership, personalized service, and competitive rates, while banks provide larger branch networks and technological innovations [16][20] - Credit unions may lack the same level of digital banking innovation as larger banks, but they focus on community and member engagement [20]