Credit Unions
A credit union (CU) is a financial institution formed by a group of people for the purpose of providing loans and other financial services to members. CUs is somewhat similar to banking institutions for they also offer the services offered by banks, such as home loans, debit card accounts and checking accounts. However, compared to traditional banks, credit unions are not-for-profit. Thus, CUs can offer financial services at much lower loan rates, fewer service fees and higher savings rates. Moreover, this non-profit characteristic of CUs allows them to give greater dividends to members because they are free from any income tax obligation.
Kitsap Credit Union Building