credit union

noun

: a cooperative association that makes small loans to its members at low interest rates and offers other banking services (such as savings and checking accounts)

Examples of credit union in a Sentence

Recent Examples on the Web

How are credit unions able to offer lower interest rates compared to banks Typically banks are less competitive than credit unions in terms of interest rates in mortgage lending and savings accounts. —Jasmine Browley, Essence, 15 June 2024

Some credit unions and online lenders offer debt consolidation loans for borrowers with bad credit (629 score or lower). —Nerdwallet, The Mercury News, 12 June 2024

The Key Difference Between Banks And Credit Unions Amstutz explains that a primary difference between credit union members and bank customers is that members of credit unions are part-owners of the organization. —Jasmine Browley, Essence, 15 June 2024

All banks and credit unions typically observe Juneteenth and close. —Raphael Romero Ruiz, The Arizona Republic, 15 June 2024

Word History

First Known Use

1843, in the meaning defined above

Kids Definition

credit union

noun

: a cooperative association that makes small loans to its members at low interest rates and offers other banking services (as savings and checking accounts)

Legal Definition

credit union

noun

: a cooperative association that makes small loans to its members at low interest rates and offers other banking services (as savings and checking accounts)