Often with lower fees and competitive interest rates, credit unions are owned and operated by their members rather than shareholders, making them a compelling choice for individuals seeking a member-centric banking experience. At the end of 2022, the U.S. had nearly 5,000 credit unions across the country totaling over 135 million members, according to the NCUA. Because they are structured as not-for-profit organizations, credit unions strive to ensure greater financial stability, distributing net profits to members while balancing more personalization and member-focused services. One of their primary sources of funding comes in the form of member deposits – savings, checking, money market accounts and certificates of deposit. The current economic environment has strained some credit unions with liquidity challenges as they strive to maintain and grow member deposits.