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Credit Unions are financial institutions like banks but have some unique characteristics. If you are looking to have best deals, credit unions can be better options than banks. You will find credit Unions to be more reliable than banks depending upon your needs.
Unlike banks, credit unions are the cooperative venture of its members or customers. While banks are owned by shareholders and work for profits, credit unions are non- profit organizations which aim at services than at profits. Like all other financial institutions, credit unions are also run by professionals and personnel. It also takes financial decisions that are taken by the upper managements. The board is comprised of elected members who are not paid and all the members can raise their voice regarding any issue related to the union.
Since a credit unions works for the benefit of its members and customers, it mobilizes its excess earning to offer better and more affordable loans to its members. Moreover, it charges lower fees and offer higher return on their savings.
If you want to become member of a credit union, you can join the desired credit union easily. Furthermore, before you apply for membership, you should get full information about the procedures for opening an account. Each of this institution follows some kind of identification process and have other requirements mandated by the rules of that country. This identification information is verified and recorded as per the rules.
The best part of joining a credit union is every procedure, every rule and every function performed there is for the safety, protection and benefit of its existing and potential members.
UNION CREDIT IS A CO. FINANCIAL INSTITUTION THAT IS CONTROLLED BY THE MEMBERS.
Within the Mexican financial system, which groups from the financial authorities, as the Ministry of Finance and Public Credit, the National Banking and Securities Commission, the National Insurance and Surety National Commission for the System of Savings for Retirement National Commission for the Defense of the Users of Financial Services and the Institute for Bank Savings Protection, through banking, stock market, insurance and guarantees to the sector of financial intermediaries such as the Auxiliary Credit Organizations, which houses the Credit Union. This group serves the financial sector producers, manufacturers and service providers having homogeneous characteristics that are associated with the legal concept of corporation, legitimate legal personality and its own, through their respective articles of incorporation and filings with the bodies and institutions concerned .