ECONOMICS
MONEY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Credit Union
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Bank
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Either A or B
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None of the above
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Detailed explanation-1: -A financial cooperative (co-op) is a member-owned, nonprofit financial institution that operates under a members-first philosophy to serve a population’s banking needs. A financial co-op may be able to offer lower fees and better rates because they are not seeking profits to return to investors.
Detailed explanation-2: -A credit union is a not for profit financial cooperative, owned and operated by its members. Unlike other financial institutions, credit unions have no stockholders: instead, they are owned by their member depositors. When you join a credit union, you become an owner.
Detailed explanation-3: -Credit unions are financial cooperatives that provide traditional banking services to their members.
Detailed explanation-4: -Credit unions are not-for-profit organisations owned by their customers, who are also its members. As a member and owner, you are given the opportunity to gain greater control over your finances.