[erichurkman]

Don't forget, non-profit != not-for-profit.

Credit unions cannot really exist as non-profits; they aren't funded by donations, and they generally do have to operate at a small profit.

Most credit unions are not-for-profit. They must operate at a small surplus in order to guarantee solvency and operational cash. A typical company generates profits for the benefit of owners & shareholders, whereas the credit union not-for-profit generates profit to provide better services, better rates, etc.

(Non-profit status is usually for charities, and banking is not a charitable activity.)