Credit unions: what are they(a Speech)
...es of credit unions are kept at a minimum. There are no high priced directors. These positions are filled by volunteers elected by the membership at the annual meeting. The members of each credit union are restricted by the charter. The charter could be for members of a church, workers from a particular factory or members of a fraternal organization . Credit Unions are chartered and regulated in two ways. Federal Credit Unions are regulated by the National Credit Union Administration (NCUA). This federal agency makes the rules Credit Unions operate under. Some credit unions are state chartered by a state agency. In Michigan this is the financial institutions bureau. Regardless of charter all savings accounts are insured to $100,000. In the early years credit unions only made consumer type loans like care loans. Today credit unions make loans for all purposed including first mortgages, VISA, and some business loans. One of the biggest advantages in most credit unions is the absence of fees. Yes no fees for ATM withdrawa...