A credit union is a not-for-profit institution that provides many financial services of traditional banks, including: allowing members to hold deposits; clearing checks against checking account deposits; and providing members with credit in the form of loans. In order to become a credit union member, a prospective client should belong to the group the credit union is chartered to service. Many credit unions are organized by professions, employers, geographic location, or other associations. Prospective members are then allowed to make a nominal deposit, giving them access to all the other services available at the credit union, including obtaining home loans, car loans, short term construction loans, etc.