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Meaning of “credit union” in the English Dictionary

"credit union" in American English

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credit unionnoun [C]

 us   /ˈkred·ɪt ˌjun·jən/
an ​organization that ​lendsmoney to ​itsmembers at ​lowrates of ​interest (= ​extramoney)
(Definition of credit union from the Cambridge Academic Content Dictionary © Cambridge University Press)

"credit union" in Business English

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credit unionnoun [C]

uk   us   (also credit society) FINANCE
a ​financialorganization that is ​owned and ​controlled by its ​members, who can ​borrow at ​lowinterestrates from the ​money they have ​saved as a ​group: To take out a ​loan, a ​customer must first be a ​member of the ​creditunion by ​opening a ​savingsaccount with a ​minimalbalance. Credit ​unions are ​worth considering if you are unhappy with your existing ​bank or ​buildingsociety.
(Definition of credit union from the Cambridge Business English Dictionary © Cambridge University Press)
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