Respuesta :
Credit unions are considered not-for-profit entities and therefore generally offer higher rates on savings accounts and lower rates on loans than most commercial banks do.
This statement is true.
A credit union is that financial cooperative which provides different traditional banking services. These services ranges in size from small, volunteer-only operations to large entities with thousands of participants allover the country.
Credit unions can be formed by large corporations, organizations, or any other entities for their employees as well as members.
Credit unions are owned, and operated by their participants only. Because they are not-for-profit enterprises credit unions enjoy tax-exempt status.
Credit unions always follow a basic business model in which members pool their money. In other words they buy shares in the cooperative.
Any income generated by the credit union is used to fund different projects and services that will benefit the community and the interests of its members.
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