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Credit unions are member-owned institutions that accept deposits and make loans—just like banks. Credit union membership is typically based on your employment, community or membership in an association or organization. They can be regulated by states or by the federal government. All credit unions focus on providing a safe place to save and borrow at reasonable rates. Credit unions often benefit low-income members with financial services at reasonable rates in locations that are under-served by banks. Credit unions pay their members in the form of dividends (a portion of the credit union’s earnings), which is the credit union version of a bank’s interest payments.