A credit union is a savings and loans co-operative owned and controlled by its members.
Directors on the board of a credit union serve in a voluntary capacity and are elected by the membership. The credit union is managed on a day-to-day basis by a chief executive, management, and staff team.
Scottish examples include Grampian Credit Union, Capital Credit Union, and St Machar Credit Union.
National and global organisations have been set up to help to serve the interests of credit union members and to promote co-operation.