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What is a credit union? Each organization has their own terminology to describe what they provide to members, much of it similar to other credit unions. There's the standard definition: credit unions are member-based, not-for-profit co-operatives providing financial services. But, what is a credit union? This in fact is probably...

By Staff Writer | Updated on August 14, 2007

What is a credit union? Each organization has their own terminology to describe what they provide to members, much of it similar to other credit unions. There’s the standard definition: credit unions are member-based, not-for-profit co-operatives providing financial services. But, what is a credit union? This in fact is probably one of the most difficult marketing challenges credit unions face today.

With so much competition from community banks, larger-national banks as well as other credit unions, consumers still don’t necessarily understand the difference between a bank and a credit union. If consumers really know what a credit union is, why wouldn’t they become members? What’s more, if they do grasp the meaning of what a credit union is, they may not necessarily understand many credit unions have broad fields of membership.

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