Which of the following is a unique feature of credit unions?

 Credit unions are typically owned and run by members and credit unions limit membership to certain people or groups. 

1. Credit unions are typically owned and run by their members. 2. Credits unions limits memberships to certain people or groups.

A list of multiple answers is provided;

 

a)      Credit unions are typically owned and run by their members

b)      Credit unions limit membership to certain people or groups

c)       Credit unions offer a wide variety of banking services

d)      Both A & B

 

The answer is both (D) Both A & B

 

As compared to banks, credit unions are small in size and are created, owned and operated by their members or participants. They are non-for-profit financial cooperatives and are structured to serve a particular region. Thus, membership in majority of credit unions is that you have to live in the area. You may also be able to join based on other various factors like Employer and family.

Both A & B.

Explanation:

Both A and B are correct.

Step-by-step explanation:

The unique feature of credit unions is -

a)Credit unions are typically owned and run by their members

b)Credit unions limit membership to certain people or groups

Credit unions are non profit cooperative organisations whose members can borrow money from these institutions at low interest rates. This is run by a few members.

These provide a variety of financial services like- savings accounts, CD's, credit cards etc.

D. Both A & B

Explanation:

A. Credit unions are typically owned and run by their members.

B. Credit unions limit membership to certain people or groups who share a common bond.

Credit unions are financial cooperatives which are owned by its members. Members usually have access to loans with cheap rates.

Credit unions aren't usually for profit and are therefore exempt from taxes.

I hope my answer helps you.

I believe the answer is:

a)Credit unions are typically owned and run by their members

b)Credit unions limit membership to certain people or groups

Credit union is built with the principle of helping other members achieving the financial help that they need even though it may not resulted in as many profit as normal credit company.

Because of this, the one who own and run the union are their members on a volunteer basis. The amount of members usually limited to people who are in close proximity with the owners.

Some of the unique features of a credit union are; they are owned and control by their members and their membership is restricted to a certain group of people.

Credit unions can be described as a financial institutions or cooperative that offers traditional banking services.

Further Explanation

The aim of credit unions is not to make a profit but rather to serve their members.

Large corporations and organizations can establish credit unions for their members and employee. These financial institutions are established and are being managed by their members.

The membership in credit unions is restricted to a specific group of people.

To join them, some of their requirement may include

Living in a particular geographical locationWorking for a specific organizationGoing to a specific schoolAnd many others

You must also open an account with them to become a member, becoming a member will give you the privilege to enjoy membership benefits such as:

Taking part in the activities of the union, As a member, you are qualified to vote on matters concerning the union or when determining the people that will pilot the affairs of the union.In credit unions, it doesn’t matter how much you have in your account before you can be allowed to vote on issues concerning the union, all members of a credit union have equal right.

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Which of the following is a unique feature of credit unions? Which of the following is a unique feature of credit unions?  

KEYWORDS:

credit accountequal right

Credit unions are typically owned and run by members and credit unions limit membership to certain people or groups.

Credit Unions are typically owned and run by their members; Credit unions limit membership to entertain people or groups