10 Facts about Credit Unions

Wednesday, April 20th 2016. | Economy

If you are interested to talk about economy, check Facts about Credit Unions.  The members of Credit Unions have the responsibility to control this financial cooperative in democratic condition.  This purpose for establishing this cooperative is to provide credit with competitive rates, promote thrift and serve different types of financial services for the members of Credit Union. Here are other interesting facts about credit unions to notice:

Facts about Credit Unions 1: the services of credit union

Even though credit union only focuses on the local level, it tries to promote the international and community development.

Facts about Credit Unions 2: the systems

The system employed by the credit unions in the world is determined based on the number of the members, total assets, and size of the institutional asset.

Facts about Credit Unions

Facts about Credit Unions

Facts about Credit Unions 3: the operation of credit union

In general, the credit union does not operate alone. It has a mutual relationship with other institutions or organizations. If you think that a bank and credit union is similar, you are wrong.  The owners and members of the credit union are the only persons who own the accounts.

Facts about Credit Unions 4: the board of directors

The people who can take the seat in the board of directors are not selected based on the amount of the invested money. It depends on the one person one vote system.

Credit Unions

Credit Unions

Facts about Credit Unions 5: the difference between banks and credit union

Credit union focuses more for serving the people. The profit is not the main concern. On the other hand, bank focuses more on the profit. The credit union is more oriented on the development of the community. Get facts about budgeting here.

Facts about Credit Unions 6: the financial services

There are various kinds of financial services offered by Credit Unions. Those include credit card, online banking, share term certificates, checking accounts, and saving accounts.

Credit Union

Credit Union

Facts about Credit Unions 7: the member of credit union

If you are interested to borrow or even deposit the money, you have to become as a member of a credit union.

Facts about Credit Unions 8: the satisfaction rate

The satisfaction rate of the customer of credit union is relatively high. Credit union serves their member with the high quality of service. Get facts about credit card debt here.

Credit Union Picture

Credit Union Picture

Facts about Credit Unions 9: the cheaper cost

If you compare the cost that you have to pay in credit union and in microfinance institutions, the former one is cheaper.

Facts about Credit Unions 10: the not for profit institution

Credit union is not similar with the non profitable charity. It is a not for profit organization which tries to serve the customers.

Credit Union Building

Credit Union Building

Do you have any opinion on facts about credit union?

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