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Simple English definitions for legal terms

credit union

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A quick definition of credit union:

A credit union is a type of bank that is owned and controlled by its members. This means that the people who have accounts at the credit union get to make decisions about how it operates. Credit unions offer loans and savings accounts, just like regular banks, but they often have lower interest rates and higher returns on savings. To join a credit union, you usually have to meet certain requirements. Accounts at credit unions are insured by the government, just like accounts at regular banks.

A more thorough explanation:

A credit union is a type of financial institution that is owned and controlled by its members. It provides loans and savings services to its members. Unlike banks, credit unions are controlled by the account holders (members) of the union, and the union may have standards for who can join the credit union. Members who meet certain requirements can vote on the leadership of the union.

Credit unions are non-profit organizations, which means they do not aim to make a profit. Instead, they aim to provide services to their members at a lower cost than traditional banks. Because credit unions are non-profits and limit surplus services, members receive lower interest rates for loans and higher returns on savings accounts than at a regular banking institution. Accounts at credit unions receive the same FDIC insurance coverage as qualifying banks do.

For example, let's say you want to take out a loan to buy a car. You could go to a bank or a credit union. If you go to a credit union, you will likely get a lower interest rate on your loan than you would at a bank. This is because credit unions are non-profit organizations and aim to provide services to their members at a lower cost than traditional banks.

Another example is if you want to open a savings account. If you open a savings account at a credit union, you will likely earn a higher interest rate on your savings than you would at a bank. This is because credit unions are non-profit organizations and aim to provide services to their members at a lower cost than traditional banks.

These examples illustrate how credit unions work to benefit their members by providing lower interest rates on loans and higher returns on savings accounts.

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Hi Guys
23:06
gulc said they'll get back to me by the week of june 17th
23:06
i hope they give me the a or r. i just want an answer 😭😭
has anyone on GW waitlist heard anything?
KnowledgeableRitzyWasp
23:55
@menherachan: praying for your WL A
0:13
@menherachan: i hope they give u that A as well
tysm! i hope so too lol
Hello everyone. Is it easy to miss important information about your admissions results if you don’t add your law school admission office to your Gmail contact? Did you find any important email from law school in your junk mail?
finna make yo hard times look pretty 😪
i watch my grandpa say penis
hys students when they see the above the law rankings 😪
@BelligerentMagicalWarthog: anecdote but a friend of mine got off the gulc waitlist in July last year
Write a poem rizzing up the admission staff
@Zenaida-Macroura: I got a waitlist on Saturday
Should I email HLS and ask if WL students get merch. They asked for my address for a surprise gift but I haven’t gotten anything
Zenaida-Macroura
8:58
@dusttodiamonds: OMG???
Zenaida-Macroura
8:58
More things to worry about over the weekend nice....
[] ararara
9:15
@Zenaida-Macroura: there’s no reason to worry ☮️ ❤️ but I/we get it! For me I’m super worried about not having any money coming in for a while plus no sugar mommy/daddy (yet!) to take care of me!
[] ararara
9:16
I always think back to when I was anxious waiting for my lsat results one take. I went to the park and a parent let me play with their kid. I fixed his truck and he was hyped! He told me to “have a good time!” when I left haha. He’s our spirit animal!
Zenaida-Macroura
9:33
@ararara: You're so sweet, this is nice to hear ty <3!!!!1
manifestmoreadmissions
9:36
@Zenaida-Macroura: I got admitted to a school on a sunday once
manifestmoreadmissions
9:39
@menherachan: ok first of best of luck!! second off did they tell you that like in a feeler or when you reached out to them or like some other way?
manifestmoreadmissions
9:39
@KnowledgeableRitzyWasp: i think its so cool when you say the schools im WL'ed by still have room
[] ararara
9:43
Yooo hahah we’ve also gotta play hard just like that kid we’re going to go crazy and break everything in this place happy Monday!!
okay guys if you were making a love songs playlist what would you put on it?
manifestmoreadmissions
9:47
greensleeves
Zenaida-Macroura
10:00
@baddestbunny: love by DEAN!!!!
😜 👊/||\_ _/¯ ¯\_
dammit he was supposed to be doing the whip
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