Credit Union Explanation
Article Summary
The following article offers a discussion of the concept of credit unions. This form of financial collective has been operating for at least 200 years and continues to grow to this day … most likely because of the difference in which they operate compared to traditional banks.
What is Credit Union?
Credit unions are various associations that you can join to enable you to manage your wealth. They are not seen as banking institutions in the sense that they are accepted and can vary from having a small number of partners to having hundreds of thousands of members. CU is also a non-profit association … they basically exist for the benefit of all their members. Someone who has a financial account with someone has permission to choose about how the union is run.
How To Join Credit Union?
You can without difficulty join CU if you have the same ties with others. This may be a special bond created by living in a certain area, by becoming a member of a trade union, or by becoming a member of a union that has a relationship with your job.
How Do You Save CU?
CU usually offers and supplies facilities to open a savings account. As a matter of fact, you are generally allowed to save money for a certain period of time and subsequently you will benefit from loans offered by credit associations. This might be for a 3 month cycle for example. After that period, you will …
Credit Union Explanation Read More