What Is a Credit Union?

What is a Credit Union?

A credit union is a member-owned, not-for-profit financial cooperative. Credit Unions offer the same types of products and services that a bank offers, like savings and checking accounts, credit cards, auto loans and mortgage offerings as well as a vast array of other financial services to their members. The difference is that members of a credit union benefit from higher returns on their savings, lower rates on their loans and fewer account fees because the credit union is member-owned.

Most credit union membership is based on a common bond, most notably a specific community, organization or place of employment. Class Act’s common bond is our local educational community, including our founding sponsor, Jefferson County Public Schools.

Here at Class Act we strive to show you the difference the credit union can make in your everyday finances. From everyday account transactions to the purchase of a home, we want to be there to help guide you and to give you “Straight A’s for your Money.”

 

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