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A credit union is a not for profit organization that works just like a bank and both banks and credit unions have the same primary function....to make a profit by pooling you deposits and investing it for a better return then they pay you, chargeing intrest on loans and chargeing fees. Basicly they make money with your money, yet it is what they do with these profits where the two differ.... instead of profits being paid out to greedy shareholders like banks they are given back to the members in the form of lower interest rates on loans and and higher returns on deposits. So, in turn the function of a credit union (In oppose to a traditional bank) would be to benefit the members of the credit union with the money saved by not paying a dividend out to shareholders (like banks) and are run by a voluntary board of directors.
James Bohlert
Jbohlert@Yahoo.com
Darian Altenwerth
Wiki User
∙ 12y agoA credit union is a not for profit organization that works just like a bank and both banks and credit unions have the same primary function....to make a profit by pooling you deposits and investing it for a better return then they pay you, chargeing intrest on loans and chargeing fees. Basicly they make money with your money, yet it is what they do with these profits where the two differ.... instead of profits being paid out to greedy shareholders like banks they are given back to the members in the form of lower interest rates on loans and and higher returns on deposits. So, in turn the function of a credit union (In oppose to a traditional bank) would be to benefit the members of the credit union with the money saved by not paying a dividend out to shareholders (like banks) and are run by a voluntary board of directors.
James Bohlert
Jbohlert@Yahoo.com
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What are the functons of the credit union?
What is functions financial institutions
When was The Union Credit Union created?
The Union Credit Union was created in 1968.
What credit unions bank in California that does not use chexsystem?
Some credit unions in California that offer banking services without using ChexSystems include Blue FCU, Golden 1 CU, and SchoolsFirst FCU. It's recommended to contact these credit unions directly for more information on their account opening requirements and policies.
What credit unions are there in Summit Wisconsin?
Some of the credit unions on Summit, Wisconsin are Summit Credit Union, Price Credit Union, Prosperity Credit Union, and Capital Credit Union. You may find more in your local area.
What services can the National Credit Union Administration offer?
The National Credit Union Administration is a federal credit union. This union offers access to credit union data, asset management strategies, lists of union regulations, and more.
What is the irish for credit union?
The Irish for credit union is comhar creidmheasa. A credit union is a financial institution where you can save and borrow money.
Where is the Scotwest Credit Union located?
Scotwest Credit Union is a credit union that serves the West of Scotland in the United Kingdom. The credit union's head office is located in Glasgow, Scotland.
Where is Prospera Credit Union?
"Prospera Credit Union is a locally owned and operated credit union serving anyone living or working in Wisconsin's Outagamie, Winnebago,and Brown.that where prospera credit union is from."
Where do yougo to make payment through the credit union?
To the credit union
What are strengths and weaknesses of a credit union?
What are strengths and weaknesses of a credit Union?
Where can you find information about Chicago credit?
One place to find information about credit in Chicago is a credit union. Maroon Financial Credit Union and Alliant Credit Union are both located in Chicago.
What is a characteristic of credit union?
A credit union is owned by all the people who have money deposited at the credit union, as opposed to a bank, which is owned by its shareholders.
