What is a credit union?
A)A not-for-profit depository institution that serves members who have a common affiliation
B)A financial institution that accepts deposits and uses the funds to provide private business and personal loans
C)A group of workers who pay union dues for credit
D)A place where it snows

Question

Quizplus · Accepted Answer

A credit union is a not-for-profit financial institution that serves members who have a common affiliation, such as belonging to the same organization, union, or community. They provide similar services as banks, including checking accounts, loans, and credit cards, but they are owned and controlled by their members, who elect a volunteer board of directors to oversee operations. Credit unions also typically offer lower fees and interest rates than traditional banks.

What Is a Credit Union