MANAGEMENT

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: -How is a credit union different than a bank? Credit unions are not-for-profit organizations that exist to serve their members. Like banks, credit unions accept deposits, make loans and provide a wide array of other financial services.

Detailed explanation-3: -Credit unions are non-profit organizations. At credit unions, depositors are called members. Each member is an owner of the credit union. Since credit union members are owners, each member, regardless of how much money they have on deposit, has one vote in electing board members.

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: -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.