A credit union is a not-for-profit financial institution that is owned and controlled by its members. Credit unions typically offer a range of financial services, such as savings and checking accounts, loans, and credit cards, and are often focused on serving specific communities or groups of people.

One of the key benefits of a credit union is that it operates on a cooperative model, where each member has an equal say in how the institution is run, and profits are shared among members in the form of better rates, lower fees, and improved services. This means that credit unions are able to offer more favorable rates and fees than traditional banks and are often able to provide more personalized service to their members.

Due to the nature of credit unions being not-for-profit, they often give lower rates on loans, higher rates of return on deposits, and fewer fees than other financial institutions. In addition, credit unions are often committed to investing in the communities they serve, whether it's through offering financial education, supporting local organizations, or providing assistance during times of need.

One unique aspect of credit unions is that their board of directors is typically made up of volunteers from the membership. This means that the board is directly accountable to the members and has a strong commitment to serving their needs. This volunteer board also helps ensure that the credit union remains focused on its members' best interests rather than maximizing profits for shareholders.

Overall, credit unions are a unique type of financial institution that prioritize serving their members and communities over maximizing profits.