CREDIT
UNIONS:
Many
credit unions offer youth saving accounts and youth education programs.
You can discover more information about credit union youth saving
accounts and education programs by visiting one of the following sites:
State Credit Union Leagues: http://www.ncuf.coop/?sectionpath=10/181
Credit Unions Online: http://www.creditunionsonline.com
What
is a credit union?
A credit union is a cooperative financial institution, owned and controlled
by the people who use its services. These people are members. Credit
unions serve groups that share something in common, such as where
they work, live, or go to church. Credit unions are not-for-profit,
and exist to provide a safe, convenient place for members to save
money and to get loans at reasonable rates.
Credit unions, like other financial institutions, are closely regulated.
And they operate in a very prudent manner. The National Credit Union
Share Insurance Fund, 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. Deposits are insured up to $250,000.
What makes a credit union different from a bank or savings & loan?
Like banks, these financial institutions accept deposits and make
loans--but unlike banks, they are not in business to make a profit.
Banks and savings & loans are owned by groups of stockholders
whose interests include earning a healthy return on their investments.
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