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Finance & Banking vocabulary · Banks & Institutions

Credit union

Meaning in finance & banking, with examples

nounCommon term

In finance & banking, credit union means: A financial cooperative owned by its members that provides savings and lending services.

In Turkish: kredi kooperatifi

How it is used

Use for the cooperative institution; membership conditions depend on its charter and jurisdiction.

Example sentences

  1. The credit union asked applicants to confirm their eligibility for membership.

    Access to this institution is connected to membership.

  2. Members elected a new board at the credit union's annual meeting.

    The sentence highlights the institution's member ownership.

Common collocations

  • join a credit union
  • credit union member
  • commercial bankA bank that takes deposits from people and businesses and uses them to make loans and offer payment services.
  • savings accountA bank account for keeping money you do not need every day. It pays interest, but it may limit how often or how quickly you can take money out.

More terms: Banks & Institutions

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This page explains English vocabulary for learners. It is not financial advice.