BANKING AFFAIRS

Detailed explanation-1: -Yes, credit unions are non-profit organizations owned and controlled by the Members who use their services. Credit unions operate to promote the well-being of their Members. Profits made by credit unions are returned back to Members in the form of reduced fees, higher savings rates, and lower loan rates.

Detailed explanation-2: -A financial cooperative (co-op) is a member-owned, nonprofit financial institution that operates under a members-first philosophy to serve a population’s banking needs. A financial co-op may be able to offer lower fees and better rates because they are not seeking profits to return to investors.

Detailed explanation-3: -Credit unions are not-for-profit, member-owned, and member-controlled cooperatives organized to provide financial services to their members.

Detailed explanation-4: -Credit unions are not-for-profit organisations owned by their customers, who are also its members. As a member and owner, you are given the opportunity to gain greater control over your finances.