The National Credit Union Share Insurance Fund, administered by the National Credit Union Administration (NCUA), an agency of the federal government, insures deposits of credit union members at federal and state-chartered credit unions nationwide. And they operate in a very prudent manner. Credit unions are not-for-profit, and exist to provide a safe, convenient place for members to save money and to get loans at reasonable rates.Ĭredit unions, like other financial institutions, are closely regulated. Credit unions serve groups that share something in common, such as where they work, live, or go to church. Open to anyone who can meet balance requirementsĪ credit union is a cooperative financial institution, owned and controlled by the people who use its services. Sometimes have defined fields of membership based on geographic location, employer, profession, educational institution, or place of worship Often have higher minimum balance requirements Often have lower minimum balance requirements Tend to pay lower interest rates, have higher loan and credit card rates, and have higher/more feesįunds are insured by the NCUA up to $250,000įunds are insured by the FDIC up to $250,000īoards of Directors are democratically-elected by members each member is entitled to one vote regardless of the amount of money they have on depositīoards of Directors are elected by stockholders only those owning the largest number of stocks are entitled to the largest number of votes Tend to pay higher interest rates, have lower loan and credit card rates, and have lower fees
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