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Credit Union

A not-for-profit financial institution that is owned by the customers who use this institution for their banking.

These state or federally chartered financial institutions provide a lot of the same services as banks: offering mortgages, investments, bank accounts, and more. Member owners often choose credit unions over banks because these institutions may offer better rates and lower fees than for-profit banks. However, to join a credit union, you may have to pass a credit check or meet other requirements.

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