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The Basics of Credit Unions by Andrew Stratton





The Basics of Credit Unions by
Article Posted: 02/14/2013
Article Views: 109
Articles Written: 5522
Word Count: 528
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The Basics of Credit Unions


 
Business
Credit unions are usually financial institutions that are owned and managed by the very members that have formed them. In many cases, the members are from the same company. Most of these institutions were formed for the express purpose of helping the members save their income, offer credit at competitive rates, and produce other financial services for the members. The heads of the group are usually elected members who may have actually been in the cooperative group for several years already. Although they are elected officials, these officials seldom do something without the approval and knowledge of the entire group. Such is the community effort of most of these unions that many of the people who belong in them are very satisfied with their performance. Members are encouraged to deposit and save their income in order to expand the savings of the entire group and to ensure that they have the right finances to function as a financial institution.

Services One of the primary services that credit unions offer their members is the chance to save their income, and, at the same time, incur interest for saving up with it. Although not all of these cooperative institutions offer high interest rates, they are basically safe because of the fact that the members are experienced in taking care of their money and that of others. Another service is a credit line through the very same cooperative. This line means that the members can borrow loans from the cooperative at low interest rates with little problems. Other financial institutions may require a lot of paperwork and documentation in order to affirm the identity of the borrower as well as establish his or her capacity to pay back the loan. Local cooperatives do not need to do this, because they already know the background of their members, and they know the income and financial capacity of the members. Of course, not all unions can totally assure the prompt payment of the loan, and some members may even have some difficulty paying it back. In spite of this, the group is usually intent on actually helping the people who have invested in it instead of turning a profit. With this in mind, one can expect these groups to be more helpful with their members compared to other financial institutions, such as banks and lending groups. The cooperative can also offer draft accounts, which can allow their members to issue checks. The agreement among the groups units is to use any excess earnings to make the members' returns bigger, and to lower the interest rates of the loans in order to help them further. This means that dividends can get bigger the more the cooperative earns outside of the loans that they give to their members.

These are just some the primary services that credit unions give to their members. Some groups have specific services that they offer which are not found in other groups.

Have you been looking for credit unions in Grand Blanc, MI, in order to provide you with financial advice and service? For more information on a union you can trust, visit https://www.financialplusfcu.org/membership.php.

Related Articles - credit, unions, in, grand, blanc, mi,

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