A credit union is a not-for-profit, not-for-charity, but for service cooperative owned by all of its members. It is organized to promote thrift and provide credit to its members. The directors are volunteers who establish and revise policies and set dividend and loan rates. These volunteers are elected by the membership with each member having one vote. After the required amounts are placed in the credit union reserves, all earnings are returned back to the members in the form of higher dividends and lower loan rates. Service to members is what distinguishes credit unions apart from other financial institutions.