Credit Union

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What is a credit union?

• A government agency that regulates the banking industry
• A non-profit organization that provides financial services to the general public
• A type of bank that is owned and operated by its members
• A financial institution that offers banking services and products to its members

How are credit unions different from banks?

• Credit unions do not provide online banking services
• Credit unions are not regulated by the government
• Credit unions are owned by their members, while banks are owned by shareholders
• Credit unions do not offer loans or mortgages

Who can join a credit union?

• Only wealthy individuals
• Only members of the military
• Only people who live in a certain area or work for a specific company
• Anyone who has a job

What types of services do credit unions offer?

• Only bank accounts and loans
• Only credit cards and financial planning
• Only loans and credit cards
• Bank accounts, loans, credit cards, and financial planning

Are credit unions insured?

• Yes, by the Federal Deposit Insurance Corporation (FDIC)
• No, credit unions do not offer any insurance
• No, credit unions are self-insured
• Yes, by the National Credit Union Administration (NCUA)

What is the main advantage of using a credit union?

• Higher interest rates on savings accounts
• Access to a wider range of financial products
• Lower fees and loan rates compared to traditional banks
• Better customer service

How do credit unions make money?

• By investing their members' deposits
• By receiving government subsidies
• By selling products and services to the general public
• By charging high fees to their members

Can anyone apply for a loan from a credit union?

• Yes, anyone can apply for a loan from a credit union
• No, credit unions only lend money to their members
• Only businesses can apply for a loan from a credit union
• Only individuals with a high credit score can apply for a loan from a credit union

What is the purpose of a credit union's board of directors?

• To oversee the financial operations of the credit union
• To market the credit union's products and services
• To provide customer service to the credit union's members
• To make decisions about interest rates and loan approvals