ECONOMICS
CREDIT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Bank
|
|
|
Credit Union
|
|
|
Both
|
|
|
Neither
|
Detailed explanation-1: -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-2: -Credit unions are unique because they’re member-owned. When you deposit money in a credit union account, you become an owner-member of the credit union. You’re both a customer and an owner. The credit union uses the money that you and other members deposit to make loans to other credit union members, much like a bank.
Detailed explanation-3: -Credit unions require membership to open a bank account or utilize services.
Detailed explanation-4: -Credit unions are owned and governed by its members. Any person who becomes a member can actively participate in the affairs of the organization by direct voting. For example, all members participate in the election of the board of directors. On the other hand, banks are usually owned by a small group of shareholders.