The credit union movement began in the United States in 1909 when the first credit union was formed in Manchester, New Hampshire. Credit unions serve many people left unserved by traditional banking institutions and provide an alternative to the oppressive loan rates charged by predatory lenders. Today's credit unions remain unique financial institutions with a "not for profit but for service" operating philosophy. Annual polls show that credit unions lead the financial community year after year by providing top quality personal service to millions of Americans. Today, thousands of credit unions – which are democratically controlled financial cooperatives – serve more than 170 million credit union members worldwide.