USA location Credit union Illinois Chicago

Credit Union - a nonprofit financial institution that specializes in mutual financial assistance through the provision of savings and credit services to members. In the United States as of 2005 credit unions have 86 million members which is 43% of the economically active population. U.S. credit unions are not-for-profit cooperative tax-exempt organizations. Modern credit union history dates to 1852 when Franz Hermann Schulze-Delitzsch consolidated the learning from two pilot projects one in Eilenburg and the other in Delitzsch in Germany into what are generally recognized as the first credit unions in the world. Credit unions offer many financial services which are the same as offered by banks often using a different terminology; common services include: share accounts (savings accounts) share draft accounts (checking accounts) credit cards share term certificates (certificates of deposit) and online banking. Normally only a member of a credit union may deposit money with the credit union or borrow money from it. Until the mid XX century credit unions in the United States had little assets that do not exceed as a rule 100 thousand dollars.