USA location Credit union Illinois Zion

Credit unions differ from banks and other financial institutions in that the members who have accounts in the credit union are the owners of the credit union and they elect their board of directors in a democratic one-person-one-vote system regardless of the amount of money invested in the credit union. U.S. credit unions can be chartered by either the federal government ("federal credit unions") or by a state. Credit unions differ from banks and other financial institutions in that the members who have accounts in the credit union are the owners of the credit union and they elect their board of directors in a democratic one-person-one-vote system regardless of the amount of money invested in the credit union. 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. Normally only a member of a credit union may deposit money with the credit union or borrow money from it. Normally only a member of a credit union may deposit money with the credit union or borrow money from it.