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- 46,377 credit unions in 97 countries (as of 2006)
- Unions serving 172 million retail members controlling $1.1 trillion in assets
- Credit unions date back to 1852
- Some are non-profit organizations
- Others are for-profit, with profits paid out via dividends to the owners
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Credit unions are financial institutions which are owned privately by their members (unlike most banks that are owned by shareholders). Credit unions typically have higher interest rates on savings accounts and lower rates on loans than regular banks.
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Membership
Not everyone can join any credit union they please. The federal government restricts members to defined segments of the population, such as:- Location (live, work, worship, or attend school in a well-defined geographic area)
- Job (employer or occupational group like teachers, doctors, etc.)
- Members of specific non-profit groups
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Credit Unions Questions
Does your credit union offer free checking? 2 AnswersYes. Ordinary checking (no interest) is free at our credit union. There is an interest bearing checking account type that requires a $500 minimum balance, pays... read more
How dedicated are you to your credit union/ bank? 3 AnswersI'm pretty dedicated to my bank. I tried out several different banks and credit unions years ago. I never really like any of them. Poor customer service, undisc... read more
Why cant I repair my other credit reports? 1 AnswerYou can only get one free copy from each of the 3 major credit reporting companies once a year. After that you have to pay for it. If you haven't gotten a free ... read more -
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