Currently in the United States, credit unions have over 86 million members, which represent roughly 44% of the economically active population. The presence of credit unions is equally as strong in Canada where there are more than 10.8 million members belonging to one. Despite this large representation, there is a vast majority of people who do not fully aware of what a credit union is.

Credit unions exist in a wide range of sizes, from volunteer operations with a couple of members to institutions with several billion dollars in assets and hundreds of thousands of members. No matter the size or number of members, credit unions are cooperative financial institutions that is privately owned and controlled by its members. They differ from banks and other financial institutions in that each member of the union who has accounts is the owners of the credit union. This is the main detail credit union focus on when they discuss their advantages over banks. It is this member ownership that has fueled the credit unions mission, People helping people.' The credit unions have historically marketed themselves as providing superior member service and being committed to helping their members improving their financial health. Simply put, the healthier the finances are of their members, the healthier the credit union will be.

Credit unions offer similar financial services as a bank; including savings accounts, checking accounts, credit cards, certificate of deposits, and online banking. Even though the credit unions have different names for the accounts, like a checking account is called a share draft account, the real difference is centered on the finances. Credit unions typically pay higher interest rates on deposits, while offering lower interest rates on loans than other financial institutions.

Governmental regulatory agencies require credit unions to restrict their membership within defined areas of the population, called a bond of association of common bond. Meaning all members of the credit union need to have a common bond, whether it is where their members worship, attend school, or are employed by specific companies or trades. Smaller credit unions tend to offer a variety of ways to qualify for membership with the hope of extending their reach. One general principle followed by all credit unions is if the member no longer qualifies to be a member, such as changing professions, they can still remain a member. By following this principle, the

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