In what way is a credit union different from a bank?

A credit union is a non-profit financial institution owned and operated by its members, whereas a bank is a for-profit entity owned by shareholders. Credit unions typically offer lower fees and better interest rates due to their non-profit status and focus on member service. Additionally, membership in a credit union is usually restricted to a specific group, such as employees of a particular organization or residents of a certain community, while banks are open to the general public.