A credit union is a cooperative financial institution that is privately owned and controlled by its members. Credit unions differ from banks and other financial institutions in that the members who have accounts in the credit union are the owners of the credit union.
In the United States, credit unions typically pay higher interest rates on shares and charge lower interest on loans than banks. One such credit union is called the South Carolina Credit Union. This Credit Union is a non profit organization that was formed in nineteen fifty two as a small organization and has now developed into a company that manages four hundred million dollars worth of finance for its members. There web site www.scscu.com, firstly explains there membership policies as well as then explaining how they work on behalf of there members, and what services you can expect as a member of the South Carolina State Credit Union. 
