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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

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).

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.

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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
* Replacement Parts Employees Federal Credit Union of Little Rock has been merged into Arkansas Employees Federal Credit Union, also of Little Rock; and
I hope that any federal credit union that wishes to do a payday loan program has sought appropriate legal advice concerning Regulation Z.
Eaton Hydraulics-Searcy FCU was merged into the manufacturer's parent company's Eaton Family Federal Credit Union of Euclid, Ohio.
Kressman told the board that 3,400 federal credit unions (about 70% of the total) are eligible for RegFlex, which provides regulatory relief for federal credit unions that the agency determines are well-capitalized and well-managed.
While federal credit unions are subject to NCUA supervision, they are not government corporations or government-controlled corporations or a government agency for purposes of the Freedom of Information Act, according to a legal opinion by NCUA Associate General Counsel Sheila Albin.

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