ECONOMICS
ECONOMIC INSTITUTIONS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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is a financial institution that focuses on taking deposits and using them to fund mortgages.
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is a non-profit institution owned by its members and provides financial services to its members.
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offers a broad range of deposit account and gives loans to individuals and businesses.
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is a financial institution for students only
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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: -Credit unions are owned and controlled by the people, or members, who use their services. Your vote counts. A volunteer board of directors is elected by members to manage a credit union.
Detailed explanation-3: -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.
Detailed explanation-4: -A credit union is a self-help co-operative whose members pool their savings to provide each other with credit at a low interest rate. To be part of a credit union you have to share a common bond with other members. This is something you all have in common such as: living or working in the same area.
Detailed explanation-5: -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.