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A credit union is a financial institution that is somewhat like a bank and somewhat like a co-operative. This type of banking establishment is set up by individuals who share a common interest. Most often, the common denominator is an area where all the members live or work. Here you can receive most of the same services that would be made available to you at a bank, such as checking accounts, savings accounts, mortgages, investments, and low-interest personal loans. These establishments first got their start in the 1940's and in recent years have shown a surge in popularity. Those looking to save and borrow money are equally likely to become members of a credit union. Across the globe, there are over 40,000 of these member owned and operated financial establishments in 80 countries. In Ireland, they are more popular than banks. An estimated 70 percent of the population belongs to these financial establishments. These places are community organizations that are run by and for those who join them. Members are customers and owners. There is a bond that connects the entire group together. The customers may all live in the same community, or they may be in the same profession or work for the same business. The common bond might also be that the individuals who bank there attend the same church, belong to the same trade union, or some other type of organization or association. Credit unions are not for profit establishments that are there to benefit members and are not geared towards satisfying the monetary needs of shareholders. When it comes to the operation of a credit union, profits are not paid out to shareholders. The money that is earned by the facility is shared amongst the members and offers a reward to each and every one of them. The cash is also routinely used to improve the services that are offered. When a person opens an account at the financial institution it is protected up to $250,000 if it is federally insured. The National Credit Union Administration (NCUA) is an independent agency that is responsible for administering the National Credit Union Share Insurance Fund (NCUSIF). This is a fund that is backed by both the credit as well as the complete faith of the United States government. This organization insures member savings in 98 percent of these credit unions across the United States. All of the federally run establishments are protected, as are the majority of the state-chartered ones. It is best to place your money in a facility that is insured by the government in the event that it fails. For your own peace of mind and economic security, find out this piece of information before you become a customer. For Bay City credit union members, saving money is easy. Check out why: https://www.wildfirecu.org.
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