There are approximately 13,500 member-owned cooperative financial institutions, known as credit unions, in the U.S. Their roots go back to 1849 when the first credit union was established in Western Europe. A credit union is usually formed around a common bond, generally employment. Its main purpose is to give member owners a place to save and borrow. Members put their money into a variety of share and investment accounts. This money is then lent to members who pay interest. After operating expenses and reserve requirements are met, the remaining loan income is returned to the members as dividends and other financial services. Member-owned credit unions are not for profit; they exist only to serve their membership. As a result, credit unions are able to pay high dividends on shares and charge low interest rates on loans.