Credit unions were first formed in the United States in 1934 as an alternative to for-profit banks. As a non-profit business, a credit unions can use more of its accounts receivable to directly serve its customers. The result of this is usually lower interest rates on loans, lower or non-existent account fees and an increased focus on customer service.How to Qualify for Credit Union MembershipIn decades gone by, people could generally only attain credit union membership through their employer or a trade organization that they or their employer belonged to. For example, if you were a teacher in a certain school district, you would be eligible for credit union membership if that school district made it available to you. Today, the only membership requirement is often that you live or work in