What is the primary goal of a credit union in relation to its members?

The primary goal of a credit union in relation to its members is to provide a wide range of financial services. Credit unions are cooperative financial institutions that are owned and operated by their members, which means their main focus is on serving the financial needs of those members. This emphasis on providing comprehensive financial services includes offerings such as savings accounts, various loan products, and additional financial planning resources tailored to benefit the membership.

Unlike traditional banks, credit unions do not aim to maximize profits for shareholders, which often leads to prioritizing member satisfaction and community involvement over profit-driven motives. By focusing on member service and offering competitive rates and fees, credit unions create an environment designed to promote the financial well-being of their members. This member-centric approach is at the heart of a credit union's mission and distinguishes it from other financial institutions.