Question

Summarise how a credit union works
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A credit union is a non-profit financial institution owned and controlled by its members. Members pool their money to provide loans and other financial services. Credit unions offer lower interest rates on loans and higher interest rates on savings, as well as other financial products like checking accounts, credit cards and mortgages. Members elect a board of directors who make decisions on behalf of the members. The profits generated by a credit union are returned to members in the form of dividends, lower fees and higher interest rates. Overall, credit unions aim to provide affordable financial services to their members.