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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/
(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 financial organization that is owned and controlled by its members, who can borrow at low interest rates from the money they have saved as a group: To take out a loan, a customer must first be a member of the credit union by opening a savings account with a minimal balance. Credit unions are worth considering if you are unhappy with your existing bank or building society.
(Definition of credit union from the Cambridge Business English Dictionary © Cambridge University Press)
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