CREDIT UNION: A non-profit depository institution chartered by the National Credit Union Administration that was established to provide members of specific group, such as employees of a company, with low-cost banking services. However, credit unions have expanded their activities and now provide most of the services of traditional banks, including checkable deposits. See also | bank | National Credit Union Administration | traditional bank | checkable deposits | savings and loan association | mutual savings bank | fractional-reserve banking |
