Credit unions are financial institutions that are owned and controlled by their members. They operate on a not-for-profit basis, with the aim of providing affordable financial services to people who might otherwise have difficulty accessing them. Credit unions offer many of the same products as traditional banks, such as savings accounts, loans, and credit cards, but they typically charge lower fees and interest rates. Members of a credit union are also known as "shareholders," because they own shares in the organization. The profits made by credit unions are used to provide dividends for shareholders or to improve services for members. Credit unions operate on a principle of "people helping people" and strive to promote thrift, provide credit, and offer other financial services to their members.