Wednesday, January 04, 2017

credit union

  • a financial institution that offers the same services as a traditional bank
  • the big difference is that it is a nonprofit supported by its members (the people who have accounts at the credit union)
  • Each credit union has its own membership rules, e.g., just for schoolteachers i a particular district or school system, members of the military, professionals in the same field of practice
  • credit union has a similar FDIC program (Federal Deposit Insurance Corp.)---look for a sign stating that ur credit union is a member of the National Credit Union Share Insurance Fund (NCUSIF) or is covered by a state-operated insurance plan

No comments: