ECONOMICS
MONEY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Savings and Loans
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Credit Unions
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Commercial Banks
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Mutual Savings Bank
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Detailed explanation-1: -The members of a cooperative, while being owners, are also customers. The size of the cooperative is based on the number of members who participate. As more members join, the financial cooperative has more resources to offer financial products, reduced fees, lower interest rates on loans, and higher yields on savings.
Detailed explanation-2: -Credit Unions A credit union is a type of financial institution providing traditional banking services and is created, owned, and operated by its members.
Detailed explanation-3: -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-4: -Cooperative Banks are the financial institutions that are owned and run by their customers and operates on the principle of one person one vote.