A credit union is a place where people keep their money. These people usually have something in common such as where they work or live.
You and other members put money into savings accounts which are called Share Accounts. This money is then given to other members as a loan, where these members will pay back the loan amount plus an extra amount of money called interest. Then you and the other members will get paid extra money from the credit union for letting us use your money. The extra money that you will earn in your Share Account is called dividends.
Credit Unions are a lot like other financial institutions, such as banks, but there is one major difference. The people who own a bank are called stockholders, and they may not be the same people who save money there. A credit union is owned by its members. You’re a member of Beach Municipal FCU’s Long John Saver Kids Club.
That means YOU own a piece of the Credit Union!