credit unions
Nonprofit lending cooperatives
Credit unions are member-owned financial cooperatives that provide banking services—savings accounts, loans, checking—similar to banks but structured as nonprofits.
Members pool their deposits, and profits return to them as better interest rates or lower fees rather than going to shareholders.
Membership typically requires some common bond: employer, profession, or community.
My credit union offers better car loan rates than the big banks.
Controlled by its users
- democraticGovernment by the people
- mutual aidCooperative community support
- not-for-profitOrganization without owners' dividends
- collective ownershipJoint holding by many
self-help · pooled resources · common bond · charter · bylaws · board of directors · annual meeting · dividends
One who belongs
- joinConnect or enlist
- eligibilityState of meeting criteria
- common bondUnifying link between parties
- duesRegular membership payments
member benefits · account holder · enrollment · member services · member ID · membership application · sponsor · affiliation
Interest-bearing bank holding
- depositPlace for safekeeping
- dividendsProfits paid to shareholders
- interest rateCost of borrowing money
- certificateFormal written attestation
CD · money market · IRA · Christmas club · vacation club · compound interest · APY · passbook
Of this area
- neighborhoodResidential area nearby
- grassrootsCommon people as political base
- civicPertaining to community affairs
- community developmentOrganized local betterment efforts
underserved · hometown · regional · sponsor · affinity group · municipal · occupational · associational
Credit for vehicle purchase
- mortgageSecured home loan
- personal loanUnsecured individual borrowing
- home equityOwnership portion of residence
- HELOCHome-secured revolving credit
signature loan · secured loan · PAL · student loan · refinance · debt consolidation · low interest · competitive rates
One who evaluates officially
- complianceAdhering to requirements
- regulatoryInvolving official oversight
- tax-exemptFree from taxation
- auditFormal accounts examination
member-owned
Controlled by its users
- democraticGovernment by the people
- mutual aidCooperative community support
- not-for-profitOrganization without owners' dividends
collective ownership · self-help · pooled resources · common bond · charter · bylaws · board of directors · annual meeting · dividends · surplus
member
One who belongs
- joinConnect or enlist
- eligibilityState of meeting criteria
- common bondUnifying link between parties
dues · member benefits · account holder · enrollment · member services · member ID · membership application · sponsor · affiliation · voting rights
savings account
Interest-bearing bank holding
- depositPlace for safekeeping
- dividendsProfits paid to shareholders
- interest rateCost of borrowing money
certificate · CD · money market · IRA · Christmas club · vacation club · compound interest · APY · passbook · high-yield savings
local
Of this area
- neighborhoodResidential area nearby
- grassrootsCommon people as political base
- civicPertaining to community affairs
community development · underserved · hometown · regional · sponsor · affinity group · municipal · occupational · associational
auto loan
Credit for vehicle purchase
- mortgageSecured home loan
- personal loanUnsecured individual borrowing
- home equityOwnership portion of residence
HELOC · signature loan · secured loan · PAL · student loan · refinance · debt consolidation · low interest · competitive rates · loan officer
examiner
One who evaluates officially
- complianceAdhering to requirements
- regulatoryInvolving official oversight
- tax-exemptFree from taxation
- Banking Accessbank accounts, checking accounts, savings accounts, mobile banking, online banking
- creditorslenders, moneylenders, banks, bondholders, mortgage holders
- ethical financeethical investing, impact investing, fair lending, green bonds, microfinance
- Financial Groupsbuilding societies, investment clubs
- financial institutionsbanks, central bank, commercial banks, investment bank, investment banks
- lenderslenders, banks, mortgage lenders, commercial banks, savings banks
credit unionscommercial banks
For-profit lending institutions
investment banks · hedge funds · private banks · private equity
credit unionsmegabanks
Enormous financial institutions
multinational banks · JPMorgan Chase · Bank of America · Citibank · Wells Fargo
union, credit, discredit, credits, credited, accredit, crediting, creditor, accredited