Credit Union

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DEFINITION of 'Credit Union'

Member-owned financial co-operative. These institutions are created and operated by its members and profits are shared amongst the owners.

INVESTOPEDIA EXPLAINS 'Credit Union'

As soon as you deposit funds into a credit union account, you become a partial owner and participate in the union's profitability. Credit unions are formed by large corporations and organizations for their employees and members.

RELATED TERMS
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  3. Retail Lender

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  4. Share Draft

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  5. Private Banking

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  6. Retail Banking

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