What is a credit union?

    Credit unions are not-for-profit cooperatives that are owned by their members. Eligibility to join a credit union is limited to those persons who fall within a credit union’s field of membership.
    Because there are no stockholders to satisfy, credit unions direct their income back to their members in the form of lower fees, higher rates of return and improved products and services.

    In 2012, the direct benefit to Maine consumers who used a credit union was $38 million as a result, in part, of lower and fewer fees, better rates on loans and higher dividend rates.
    All consumers benefit from having credit unions as a choice because other financial institutions have to offer rates and services that compete in the marketplace.
(Maine Credit Union League)