Banks are financial institutions for profit companies like any other financial institutions that offer personal banking /products and services to the public, banks make money by making loans and charging certain fees. However, a credit union is very similar to a bank, but is more like a non-profit financial cooperative. This means that it is owned by internal members of its own and no shareholder from outside the firm is authorized to make decisions regarding anything related to the firm. Like banks, credit unions charge interest and fees, but they are much lower than other financial institutions. In order to join a credit union, one must meet its membership requirements and criteria, which could require you to live in a particular area or work in a particular profession or for a specific employer.