Definitions for credit union
cred·it union

Princeton's WordNetRate this definition:0.0 / 0 votes

1. credit unionnoun

   a cooperative depository financial institution whose members can obtain loans from their combined savings

WiktionaryRate this definition:0.0 / 0 votes

1. credit unionnoun

   A financial cooperative similar to a bank but owned and controlled by its members, often restricted to a local area or sometimes to a single profession.

WikipediaRate this definition:0.0 / 0 votes

1. Credit union

   A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including deposit accounts, provision of credit, and other financial services. In several African countries, credit unions are commonly referred to as SACCOs (Savings and Credit Co-Operative Societies).Worldwide, credit union systems vary significantly in their total assets and average institution asset size, ranging from volunteer operations with a handful of members to institutions with hundreds of thousands of members and assets worth billions of US dollars. In 2018, the number of members in credit unions worldwide was 274 million, with nearly 40 million members having been added since 2016.Leading up to the financial crisis of 2007–2008, commercial banks engaged in approximately five times more subprime lending relative to credit unions and were two and a half times more likely to fail during the crisis. American credit unions more than doubled lending to small businesses between 2008 and 2016, from $30 billion to $60 billion, while lending to small businesses overall during the same period declined by around $100 billion. In the US, public trust in credit unions stands at 60%, compared to 30% for big banks. Furthermore, small businesses are 80% less likely to be dissatisfied with a credit union than with a big bank."Natural-person credit unions" (also called "retail credit unions" or "consumer credit unions") serve individuals, as distinguished from "corporate credit unions", which serve other credit unions.

ChatGPTRate this definition:0.0 / 0 votes

1. credit union

   A credit union is a non-profit financial institution that is owned and operated by its members. It offers various financial services to its members, including savings and checking accounts, loans, and credit cards. Members of a credit union share a common bond, such as geographical location, employment, or membership in an association. Because they are member-owned, credit unions often offer lower fees and interest rates than traditional banks. They are also known for providing more personalized customer service.

WikidataRate this definition:0.0 / 0 votes

1. Credit union

   A credit union is a member-owned financial cooperative, democratically controlled by its members, and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members. Many credit unions also provide services intended to support community development or sustainable international development on a local level, and could be considered community development financial institutions. Worldwide, credit union systems vary significantly in terms of total system assets and average institution asset size, ranging from volunteer operations with a handful of members to institutions with several billion dollars in assets and hundreds of thousands of members.

Matched Categories

1. • Depository Financial Institution

How to pronounce credit union?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say credit union in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of credit union in Chaldean Numerology is: 7

2. Pythagorean Numerology

   The numerical value of credit union in Pythagorean Numerology is: 6

Examples of credit union in a Sentence

1. Wilbur Ross:

   Well, I know they are and I dont really quite understand why, the obligations that they would undertake, say borrowing from a bank or a credit union, are in effect federally guaranteed. So the 30 days of pay that some people will be out theres no real reason why they shouldnt be able to get a loan against it.

2. Edward Filene, founded the first credit union in the U.S.:

   The credit Union movement..It is a great movement, worthy of great deeds, deserving of great loyalty.

3. Alphonse Desjardins, The Canadian credit union pioneer made the remarks in a speech in the early 1900s.:

   A credit union is not an ordinary financial concern, seeking to enrich its members at the expense of the general public. Neither is it a loan company, seeking to make a profit at the expense of the unfortunates… The credit union is nothing of the kind; it is the expression in the field of economics of a high social ideal.

4. Kirk Rose:

   The credit union has added 3,000 new accounts.

References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=credit union
2. ^ Wiktionary
   https://en.wiktionary.org/wiki/Credit_Union
3. ^ Wikipedia
   https://en.wikipedia.org/wiki/Credit_Union
4. ^ ChatGPT
   https://chat.openai.com
5. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=credit union