Credit Unions

A cooperative is a joint economic activity that is owned and operated by those who use its services

True

A cooperative means in effect that the people cooperate in order to make the institution a success

True

Credit unions serve groups of people that share something in common such as residing in the same community

True

Federal chartered

Registered with the United States government

State chartered

Registered with the state in which the credit union resides

Which financial institutions are owned by stockholders and exist to make a profit

1. Commercial banks 2. Savings and loan associations 3. Investment banks

Cooperative

A joint economic activity that is owned and operated by those who use its services

A credit union is a blank financial institution

Cooperative

A paycheck is electronically transferred into the depositors account without the depositor having to come to the physical location of the credit union office. This is called a

Direct deposit

Sponsor

Overseer who approves condones and assists in formation and construction of a credit union

Direct deposit

Paycheck electronically transferred into depositors account

Not for blank not for charity, but for blank is a credit union motto

Profit and service

Credit union

Provides loans to its members at lower rates of interest than would be available at other institutions

Field of membership

Range of eligibility for a credit union such as a teachers credit union or bricklayers credit union

Anyone wanting to join should see if their employer blank a credit union

Sponsors

Payroll

The amount of wages due to a worker