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4.13.2011

How much do you know about your Credit Union?

The first 3 people to answer the Blog Question correctly by commenting on this article gets a free Pen Air Travel Mug*.


Differences between a credit union and a bank:
Similar to banks, credit unions offer checking and savings accounts, loans, and other financial services. However, they are different from banks in how they use excess earnings. Banks are for-profit while credit unions are not-for-profit. As a not-for-profit entity, any excess earnings must be returned to their member-owners through a variety of benefits: they get higher interest rates on savings accounts, lower interest rates on loans, and their community benefits as well from financial support. Remember these 2 things if you can't remember what are the other differences:

1- Members helping members.
2- Banks are for-profit while credit unions are not.

Question:
What is another way how credit unions return their excess money to their member-owners? (i.e. another benefit credit unions provide)

*Please provide name & email address in your comment. Winner must be able to pick up his/her prize at any local Pen Air FCU branch. Visit here for the nearest location to you.

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