credit union

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Credit union

A not-for-profit institution that is operated as a cooperative and offers financial services such as low-interest loans to its members.

Credit Union

A non-profit cooperative organization that offers many of the same services as a bank. Specifically, credit unions offer checking accounts, savings accounts, and some loans. Most of the time, credit unions were founded by and/or cater to a particular profession, church, or community. Many credit unions serve rural or poor areas. Because they are non-profits, they often offer better interest rates than retail banks; however, they usually have fewer services.

credit union

A nonprofit cooperative financial institution that provides credit to its members. Credit unions often pay slightly higher rates of interest on passbook-type savings accounts and charge lower rates on consumer loans.

Credit union.

Credit unions are financial cooperatives set up by employee and community associations, labor unions, church groups, and other organizations. They provide affordable financial services to members of the sponsoring organization.

In some cases, they're created in rural or economically disadvantaged areas, where commercial banks may be scarce or prohibitively expensive.

Because they are not-for-profit, credit unions tend to charge lower fees and interest rates on loans than commercial banks while paying higher interest rates on savings and investment accounts.

The services offered at large credit unions can be as comprehensive as those at large banks. At smaller credit unions, however, services and hours may be more limited, and a few deposits may not be insured.

Assets in most credit unions are insured by the National Credit Union Share Insurance Fund on the same terms that deposits in national and state banks are insured by the Federal Deposit Insurance Corporation (FDIC).

credit union

A nonprofit organization in which qualified persons may make deposits and obtain loans. Formerly, membership was strictly defined so as to limit it to persons in a particular industry or trade organization, but those rules are now largely obsolete. Bankers believe that credit unions enjoy an unfair advantage in the marketplace by virtue of paying no income taxes as a result of their nonprofit status.The lack of any income tax expenses allows the credit unions to offer somewhat higher rates on deposits and somewhat lower rates on loans.

References in periodicals archive ?
The Caisse Populaire has well-established procedures and technology for administrating financial transactions such as loans.
Il conclut, quelques pages plus loin, que [much less than] c'est le discours moral et theologique sur l'usure qui fournit au mouvement et au message cooperatifs leurs reperes et leurs assises [much greater than], ajoutant que [much less than] l'usure, l'usurier, la capitaliste, le Juif, le franc-macon, le Juif franc-macon et le complot deviennent les faire valoir de l'humble sou, de la charite entre freres, des epargnistes, de la caisse populaire, de la cooperation, de l'aeuvre economique et liberatrice [much greater than].
Mary's Bank opened its doors in Manchester, New Hampshire as La Caisse Populaire, Ste- Marie, "The People's Bank.
He was reluctant to disclose the project's total cost, which includes financial support from Caisse populaire, the Nord-Aski Regional Economic Development Corp.
The $15-million system was designed and financed by the 16 members of the CPA (banks, trust and loan companies, credit union and caisse populaire centrals and other deposit-taking institutions) and is expected to process about 13,000 payments per day totalling over $100 billion.

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