CNBC Select explains what a credit union is, how it differs from a bank, how to become a member and the pros and cons of banking of opening an account. Credit unions What is a credit union?

A credit union is very similar to a bank, in that it offers many of the same financial services. But credit unions have one big difference from banks. "Credit unions are the non-profit version of ...

"The biggest difference in terminology would be members instead of customers," Ferrans says. Credit union members are owners of the institution, unlike banking customers. As an owner of the credit ...