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: -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: -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-5: -Commercial Banks. Commercial banks are generally stock corporations whose principal obligation is to make a profit for their shareholders. Savings and Loans/Savings Banks. Credit Unions.