Credit unions are not-for-profit member-owned financial institutions operated for the benefit of its membership. According to the treasurer of a Midwestern credit union after the Depression, credit unions were “not for profit, not for charity, but for service” which is still true today. Credit unions offer reduced loan rates, pay higher dividends on savings and additional earnings are redistributed to members in the form of new products and services. Membership eligibility requirements are contained in the credit union’s charter, and the volunteer board of directors are elected from the field of membership.