 TITLE: What Is a Credit Union? CONTENT: How Are Credit Unions Different From Banks?\n-------------------------------------------\nIf banks are big chain restaurants, credit unions are local, family-owned cafes. You must meet certain criteria to be a member, and as a result, you'll get personalized service, a community-oriented mission and perks like financial education. Credit unions are different from banks in the following ways:\n*   **Credit unions require membership to join.** You may qualify through your employer, religious institution, labor union or the geographic area you live in depending on the credit union. You may also join if you have a family member who meets one of the credit union's requirements. Some credit unions, like Alliant Credit Union and Connexus Credit Union, don't restrict their membership at all: Anyone can join by donating to a partner charity.\n*   **Credit unions return profits to members.** Banks are for-profit institutions, which means their owners get a cut of the banks' interest and fee earnings. Since credit unions are owned by their members, the members themselves enjoy those profits in the form of lower-rate loans and higher-rate savings accounts. Members also elect representatives to each credit union's board of directors, so you'll have a say in how the credit union is governed and how it spends its money.\n*   **Credit unions may have fewer convenient branches.** A credit union's mission is to serve the community where it's located, which means it may not have accessible physical locations elsewhere if you travel or move. But many credit unions have joined networks that offer fee-free ATMs and shared branches to credit union members across the country. END