What is a "credit union", and how can I join one?

What is a "credit union", and how can I join one?

Mitchell Freedman, CPA/PFS (CEO, MFAC Financial Advisors) gives expert video advice on: What kinds of bank accounts should I have?; How do I open a bank account?; How can I compare banks and the services they offer? and more...

A financial institution that we're starting to see a lot more depositors use is something called a credit union. People are sometimes confused. What is a credit union, as compared to a bank? A credit union is similar in many ways, but it is also different. First of all, credit unions are not-for-profit organizations, whereas banks are for-profit organizations. Credit unions are also established, they're cooperative organizations. Credit unions are typically formed with people who have a common interest in something. It might be a common employer. It could be a common union. In recent years, we're even seeing it could be in a common neighborhood.