Final answer:
Credit unions are not-for-profit organizations owned by their members and provide financial services at lower rates than traditional banks.
Step-by-step explanation:
Credit unions are not for-profit organizations. Unlike banks, credit unions are not in business to make a profit for shareholders. Instead, they are nonprofit financial institutions owned and operated by their members.
An example of a credit union is a teacher's credit union, which is open exclusively to educators and provides them with financial services such as savings accounts, loans, and credit cards. The goal of credit unions is to provide personalized services and competitive rates to their members.
In summary, credit unions are not-for-profit organizations that are owned by their members and aim to provide financial services to their members at lower rates compared to traditional banks.
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