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Credit Unions offer a unique approach to financial planning because, unlike banks or savings and loan institutions, they are member owned. Credit unions service groups of people who share something in common, such as where they work, live or go to church.
Credit union members pool their savings and lend money to each other. The credit union's earnings from lending and other sources are used for reserve funds as required by law, operating expenses, and dividends paid to their members.
Like other financial institutions, credit unions are closely regulated. The National Credit Union Share Insurance Funds, administered by the National Credit Union Administration, an agency of the federal government, insures deposits of credit union members at more than 11,000 federal and state-chartered credit unions nationwide.
If you would like to know more about credit unions visit any of the sites listed below:
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