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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. 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). How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Chatsworth-based Telesis Community Credit Union saw the largest percentage increase in assets, up 15 percent compared to last year. The legal brawl over who can join credit unions grew more heated Wednesday, with a federal judge suggesting he might be dealing with a ``rogue federal agency'' and ordering it to rescind 31 recent credit union expansions. Offering savings accounts, loans and other financial services to individuals, churches and businesses in the neighborhood--the grass-roots credit union is putting Central Brooklyn back on the financial map. |
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