ECONOMICS
ECONOMIC INSTITUTIONS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -Credit unions typically offer lower fees, higher savings rates, and a more personalized approach to customer service for their members. In addition, credit unions may offer lower interest rates on loans. It may also be easier to obtain a loan with a credit union than a larger bank.
Detailed explanation-2: -credit unions have higher default rates than banks. 2.
Detailed explanation-3: -On average, credit unions offer higher saving rates and lower loan rates. This could help group your savings grow faster and your loan will cost less. Credit unions also tend to charge lower fees, require lower deposit balances and offer better service.
Detailed explanation-4: -Banks and credit unions both offer a number of financial products, including savings accounts and certificates of deposit (CDs). The main difference between the two is that banks are typically for-profit institutions while credit unions are not-for-profit and distribute their profits among its members.
Detailed explanation-5: -Navy Federal Credit Union, APY: 0.25%, Min. Suncoast Credit Union, APY: 0.25%, Min. State Employees’ Credit Union, APY: 0.10%, Min. Alaska USA Federal Credit Union, APY: 0.10%, Min. Members 1st Federal Credit Union, APY: 0.10%, Min. 02-Mar-2023