USA location Credit union Illinois Peoria

U.S. credit unions can be chartered by either the federal government ("federal credit unions") or by a state. As of October 2011 the largest American credit union was Navy Federal Credit Union serving U.S. Department of Defense employees contractors and families of servicepeople with over $45 billion USD in assets and over 3.4 million members. 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 often form cooperatives among themselves to provide services to members. A Credit Union Service Organization (CUSO) is generally a for-profit subsidiary of one or more credit unions formed for this purpose Credit Unions often form cooperatives among themselves to provide services to members. A Credit Union Service Organization (CUSO) is generally a for-profit subsidiary of one or more credit unions formed for this purpose 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.