ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A credit union is a type of financial organization that is owned and governed by its members. Credit unions provide members with a variety of financial services, including checking and savings accounts and loans.

Detailed explanation-2: -Being a credit union member means you share your financial institution’s ownership, vision and profits. It gives you the opportunity to shape your personal banking experience, as well as the impact your banking has on your local community. Membership has meaning and value.

Detailed explanation-3: -There are a variety of unions, and each is opened for different purposes, such as state employees’ credit union, federal navy credit union, digital federal credit union, Boeing employees’ credit union, etc.

Detailed explanation-4: -Anyone can join a credit union, as long as you are within the credit union’s field of membership. This is the common bond between members. The common bond could be your: Employer-Many employers sponsor their own credit unions.

Detailed explanation-5: -A credit union is a nonprofit financial institution that’s owned by the people who use its financial products. Credit union members can access the same kinds of products and services as offered by a traditional bank, such as credit cards, checking and savings accounts and loans.