Dinar Daily
Would you like to react to this message? Create an account in a few clicks or log in to continue.

Get Daily Updates of the NEWS & GURUS in your EMAIL
CHECK YOUR EMAIL for VERIFICATION

Enter your email address:

Differences between Banks, Credit Unions and Savings Institutions DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Differences between Banks, Credit Unions and Savings Institutions

2 posters

Go down

Differences between Banks, Credit Unions and Savings Institutions Empty Differences between Banks, Credit Unions and Savings Institutions

Post by justpassntime Sun Sep 11, 2011 2:15 am

The Difference between a Bank, a Credit Union and a Savings Institution

Terms like bank, credit union, and savings institution may seem interchangeable today. But there are some distinct differences between them in terms of business purpose, ownership and governance.
Chartering Authority, Deposit Insurance and Regulatory Examination

Banks, Credit Unions and Savings Institutions operate under federal or state charters. Their deposits, up to $250,000, are insured by one of two federal agencies: the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA). All institutions are subject to periodic regulatory and federal insurance examination.
Ownership and Governance
Bank

Banks are community, regional or national for-profit business corporations owned by private investors and governed by a board of directors chosen by the stockholders.
Credit Union

Credit unions are non-profit financial cooperatives owned by their members and governed by a board of directors elected by, and from among, those members. Usually there is a common bond among the members, such as belonging to the same organization or living in the same geographical area. Credit unions accept deposits from their members and use them to make short-term loans. Deposits are regarded as purchases of shares, and all earnings of the credit union are paid out as dividends to members
Savings Institution

Savings institutions (also called savings & loans or savings banks) specialize in real estate financing. They can be either corporations or mutuals (a type of business where making a deposit is like purchasing stock in the organization). Savings institutions always have the letters SSB or FSB after the name to indicate whether they are a state savings bank or a federal savings bank, respectively. Both types are governed by an elected board of directors.
Range of services

All financial institutions usually offer basic banking services (checking and savings accounts, consumer loans, etc.) with larger ones offering a fuller range of services (credit cards, mortgages, foreign currencies, etc.). Each has some special features:
Banks emphasize business and consumer accounts, and many provide trust services
Credit unions emphasize consumer deposit and loan services
Savings institutions emphasize real estate financing.


Click on the link below to see more information

Credit Unions and Shared Branching

*****************
Anything worth having is worth waiting for. Wink
If you can't laugh at yourself, you probably see no humor in anything. 🤡
Things you should never talk about on OOM, they will surely start an argument, religion, politics and the rv. Rolling Eyes

Currency Revaluation Awareness Propaganda Analyst :study:

Differences between Banks, Credit Unions and Savings Institutions Flag-212Differences between Banks, Credit Unions and Savings Institutions Screen53
Army---Navy----Air Force-----Marines---Coast Guard
justpassntime
justpassntime
Elite Member
Elite Member

Posts : 522
Join date : 2011-07-28
Age : 59
Location : Spokane WA soon to be somewhere else

View user profile

Back to top Go down

Differences between Banks, Credit Unions and Savings Institutions Empty Re: Differences between Banks, Credit Unions and Savings Institutions

Post by Ponee Thu Sep 19, 2013 9:39 am

Past Post Revisited

*****************
Ponee
Ponee
Admin
Admin

Posts : 38235
Join date : 2011-08-09

View user profile

Back to top Go down

Back to top


 
Permissions in this forum:
You cannot reply to topics in this forum