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 ?
Ainsi, les caisses populaires et autres cooperatives de credit desservent certaines regions, notamment de petites villes, ou la caisse populaire locale ou la cooperative de credit est souvent la seule institution financiere du voisinage.
The Desjardins micro-loan program provides a specialized service lodged within participating local Caisses Populaires.
Il semble pourtant que les caisses populaires canadiennes-francaises et les cooperatives de credit juives.
Dans la premiere, intitulee La goutte d'eau et l'ocean (Le sou et le capital), il examine particulierement la place reservee au [much less than] sou [much greater than] dans le Catechisme des caisses populaires.
The review, which takes place every five years, will include consultations across the province this fall to seek input from the public on ways to strengthen the regulatory framework, protect consumers and enable credit unions and caisses populaires to continue to meet the needs of their members.
unions in Burkina Faso, or Network Caisses Populaires du Burkina, COR) has signed a partnership
The CUMIS Group markets a diverse portfolio of insurance and other services to Canadian Credit Unions and caisses populaires, and their members.
Amongst its valued clients, VISION has such prestigious organizations as Measure Canada (Government of Canada), the German Government, Fairfax Financial Holdings, Federation des Caisses Populaires Desjardins and Musee du Quebec, as well as many major insurance organizations around the United States such as Seqouia Insurance and Markel Insurance.
The other 60 percent include trust companies, credit unions, caisses populaires and provincial savings offices.
Les Specialistes du Document, the Quebec industry leader in this business segment, brings a solid customer base, experienced management and will allow the pursuit of and service to national accounts for customers such as multi-national companies, banks, caisses populaires and government agencies.
DE Following the successful take-over bid made by Pan-O-Lac Ltee and the Federation des caisses populaires Desjardins du Saguenay-Lac-Saint-Jean (the "Purchasers") with respect to the acquisition of shares of Corporation regionale d'investissement Amisk inc.
CHICOUTIMI, Quebec--(BUSINESS WIRE)--April 25, 1997-- Pan-O-Lac Federation des Caiss Following the expiry of the take-over bid made by Pan-O-Lac ltee and the Federation des caisses populaires Desjardins du Saguenay-Lac-Saint-Jean (the "Purchasers") with respect to the acquisition of shares of Corporation regionale d'investissement Amisk inc.

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