Which of the following financial institutions is organized as a not-for-profit cooperative?
A) Commercial bank
B) Savings bank
C) Life insurance company
D) Credit union

Question

Quizplus · Accepted Answer

Credit unions are organized as not-for-profit cooperatives, owned and controlled by their members, who are also their depositors and borrowers. As such, any profits made are returned to the members through lower fees, higher interest rates, and better services. Commercial banks, savings banks, and life insurance companies are all organized as for-profit institutions that aim to generate profits for their shareholders.

Which of the Following Financial Institutions Is Organized as a Not-For-Profit