A credit union, a financial institution similar to a bank, is a non-profit financial cooperative owned by its members. Union Plus Credit Card generally offer their members services similar to those offered by retail banks, including deposit accounts, loans, and other financial services. In several African countries, credit unions are called SACCOs (Societies Cooperatives for Savings and Credit). Credit unions around the world vary greatly in their total assets and the average size of their institutional assets, from voluntary organizations to large financial institutions with billions of dollars in assets. In 2018, there were 274 million members in credit unions worldwide, with nearly 40 million new members since 2016. Before the 2007-2008 financial crisis, commercial banks provided about five times as many subprime loans as credit unions and were twice as likely to fail during the crisis. U.S. credit unions more than doubled lending to small businesses between 2008 and 2016, from $30 billion to $60 billion, while total small business loans fell by about $100 billion during the same period. In the United States, public trust in credit unions is 60%, compared to 30% for large banks. In addition, small businesses are 80% less likely to be dissatisfied with a credit union than with a large bank.
“Individual credit unions” (also called “individual credit unions” or “consumer credit unions”) serve individuals, as opposed to “corporate credit unions” that serve other savings and credit unions.
We work to improve the quality of life for working families through our products and services, then and now. As union members, we believe that support through good times and bad makes them stronger, which is why we offer one-time financial support, including strike pay and other hardship payments, to support members, unions and their families.