credit union

noun

Definition of credit union

: a cooperative association that makes small loans to its members at low interest rates and offers other banking services (such as savings and checking accounts)

Examples of credit union in a Sentence

Recent Examples on the Web

Last year, Pindrop, a company that creates security software and protocols for call centers, reported a 350% rise in voice fraud between 2013 and 2017, primarily to credit unions, banks, insurers, brokerages, and card issuers. — Ephrat Livni, Quartz, "A new kind of cybercrime uses AI and your voice against you," 31 Aug. 2019 Banks, credit unions, government agencies — each can play a role in addressing such needs. — Los Angeles Times, "Column: Payday lenders faced tough new rules protecting consumers. Then Trump took office," 16 Aug. 2019 Credit-builder loans are available through credit unions, community banks and Community Development Financial Institutions. — Washington Post, "Rejected for a personal loan? Here’s how to recover," 8 Aug. 2019 Many banks, credit unions, and credit card companies offer free credit monitoring services to customers through a partnership with one of the three major credit bureaus (Equifax, Experian, and TransUnion). — Kate Cox, Ars Technica, "You can go claim at least $125 from the Equifax settlement right now," 26 July 2019 The agency licenses and conducts oversight of banks, credit unions, payday lenders, securities dealers and investigates financial crimes. — Gray Rohrer, orlandosentinel.com, "DeSantis, Florida Cabinet remove top finance regulator Ronald Rubin over sexual harassment claims," 25 July 2019 On Monday, Rodney Hood, the chairman of the National Credit Union Administration, said his agency won’t punish federally chartered credit unions for working with cannabis companies in states where marijuana is legal. — Elizabeth Rembert, BostonGlobe.com, "Bags stuffed with cash add to pressure for cannabis banking law," 8 Aug. 2019 Her older brother, Mike Scully, also is a CEO, of a credit union service company in Maryland. — Marcia Heroux Pounds, sun-sentinel.com, "How deal-maker Cheryl Miller rose to become AutoNation’s new CEO," 2 Aug. 2019 Mulvaney began his tenure with an open display of cocksure philistinism, taking potshots at Warren at a conference of appreciative credit union executives. — Michael Hiltzik, Los Angeles Times, "Column: Why is Trump’s consumer protection agency helping to promote H&R Block’s credit card?," 18 July 2019

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'credit union.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

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More Definitions for credit union

credit union

noun

Financial Definition of credit union

What It Is

A credit union is a financial institution that is owned and controlled by its members rather than shareholders. The members of the credit union pool their deposits and provide loans and other financial services to each other.

How It Works

The services offered by a credit union include a wide range of financial services, such as savings accounts, checking accounts, credit cards, certificates of deposit and online financial services.

A credit union’s fees, interest rates and levels of service are highly responsive to the needs of its members. Generally, they offer lower interest rates on loans and higher interest rates on savings accounts and certificates of deposit.

Credit unions may be formed among any group of members who have a common interest -- usually community groups or employees of a particular organization. The board members of the credit unions are usually volunteers. Credit unions are generally not-for-profit, so often profits are shared by members.

Why It Matters

Credit unions offer most of the same services as banks, but differ in that individual members are owners and there are generally less assets under management. Because credit unions are usually considerably smaller than banks, they are able to offer more personalized advisory services to their members and they may offer lower cost banking service.

Federal and most state-chartered credit unions in the United States are able to insure their members’ savings accounts through the National Credit Union Administration, a federal organization with the full faith and credit of the U.S. government.

Source: Investing Answers

credit union

noun

English Language Learners Definition of credit union

: an organization that gives small loans to its members at low interest rates and that offers savings and checking accounts

See the full definition for credit union in the English Language Learners Dictionary

credit union

noun

Legal Definition of credit union

: a cooperative association that makes small loans to its members at low interest rates and offers other banking services (as savings and checking accounts)

credit union

Definition of credit union

Examples of credit union in a Sentence

First Known Use of credit union

Financial Definition of credit union

English Language Learners Definition of credit union

Legal Definition of credit union

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