A Credit Union is a financial co-operative owned by its members. It has a Volunteer Board of Directors democratically elected by the membership in AGM. Volunteers and/or staff run the day-to-day business of the Credit Union. A Common Bond, such as living in an area working for an employer or being associated with a club (or a combination of them) joins all member. A Credit Union is a 'not for profit' organisation run to benefit all members.