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 ?
Credit unions and caisses populaires are member-owned financial institutions that accept deposits and provide loans and other financial services to their members.
Le financement octroye par les cooperatives de credit, notamment les caisses populaires, varie beaucoup d'une province a l'autre, le Quebec arrivant en tete des provinces canadiennes dans les prets consentis aux entreprises par ces institutions financieres.
Each loan fund is established by one or several local Caisses Populaires in partnership with a financial consulting agency.
Au moment ou les caisses populaires commencent a se multiplier dans les petites villes et les villages du Quebec, a Montreal meme, la communaute juive tout entiere se mobilise pour se doter elle aussi d'outils de promotion economique.
unions in Burkina Faso, or Network Caisses Populaires du Burkina, COR) has signed a partnership
S'interessant particulierement a la premiere edition de ce catechisme et aux messages qu'il vehicule, Paul Morency en fait l'objet de sa these de doctorat en 1inguistique, qu'il depose a l'Universite Laval en 1998 sous le titre: Le message cooperatif dans le Catechisme des caisses populaires Desjardins; analyse semiotique d'un texte fondateur.
5 billion on deposit with Central affiliated credit unions and caisses populaires, representing an increase of $8.
Credit unions and caisses populaires have moved to top spot, gathering best scores in all five key aspects of bank service and collecting the only two "A" marks awarded.
Formed in 1984, Interac Association is a not-for-profit organization composed of 95 members which include: banks, trust companies, credit unions, caisses populaires, technology and payment-related companies.
Committee members include Clara Serra de Akerman, President, Women's World Banking Colombia; Daouda Sawadogo, General Manager, Federation des Caisses Populaires du Burkina (FCPB), Burkina Faso; Shireen Farrag, Executive Director, Sanabel Network, Egypt; Anne-Francoise Lefevre, Head of WSBI Institutional Relations, World Savings Banks Institute (WSBI), Belgium; Asad Mahmood, Managing Director, Global Social Investment Funds, Deutsche Bank, United States; Vipin Sharma, Managing Director, Access Development & Access Alliance, India; Kate McKee, Senior Advisor, CGAP, United States; and Elisabeth Rhyne, Managing Director, Center for Financial Inclusion at ACCION International, United States.
NASDAQ: CORI), the top provider of online banking, payment and security solutions to the financial services industry, today announced that Credit Union Electronic Transaction Services (CUETS), a provider of MasterCard(R) issuing and acquiring products and services to over 450 credit unions, caisses populaires and other organizations throughout Canada, has selected Corillian Credit Card Management as its foundation for a next-generation online credit card management solution.
The Caisses populaires acadiennes is by far the most present and most accessible financial institution in New Brunswick; it is a network comprised of 29 Caisses with 86 business locations across the province.

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