credit union synonyms, credit union pronunciation, credit union translation, English dictionary definition of credit union. What does it mean to be a credit union member? A credit union is a financial institution that is owned and controlled by its members rather than shareholders. Like banks, credit unions accept deposits, make loans and provide a wide array of other financial services. Credit union. Many companies provide access to credit … credit (v.) 1540s, "to believe, be sure of the truth of," from credit (n.). Car loan: O: Open status credit You may borrow money when you need to, up to a certain limit. Any profit that is generated is shared with our members and a portion is invested in the betterment of the communities we serve. A credit union is a type of cooperative ‘run by its members for the members.’ A credit union is a not-for-profit organization that people who have something in common form. Personal online banking. As a credit union, PCU (PACE Credit Union) is owned and democratically controlled by our members. Credit union members, like bank customers, have access to checking and savings accounts, CDs, loan products, and credit cards. The first credit union in North America (also referred to as Caisse Populaires or People’s Bank) emerged in Quebec in 1900 where it was founded by a journalist, Alphonse Desjardins. However, you must qualify for a membership. Table 1: What letters mean in a rating on a credit report; Letter Meaning Example; I: Installment credit You borrow money for a specific period of time. Credit union service organizations (CUSOs) are corporate entities in the United States that are owned by federally chartered or federally insured, state chartered credit unions.. A non-profit, cooperative financial institution owned and controlled by the people who use its services, usually a group such as employees in the same company or industry. For example, they may go to the same church, belong to the same trade union, club, industry, or locality. You make regular payments in fixed amounts until you pay off the loan. Under US federal law and the National Credit Union Administration regulations Part 712, federal credit unions may make an investment in or a loan to a CUSO. Unlike traditional banks, PCU has the flexibility to consider our member’s entire situation when addressing their needs. To join a credit union, you must meet its eligibility criteria. A branch of the Coastal Federal Credit Union in Raleigh, North Carolina . Credit unions are non-profits, which mean they are customer-owned. What Does a Credit Union Do When Its Customers Won't Borrow Money? View our latest Industry Insights Report for the most current overview of Canadian consumer credit behavior. A credit union is one of many types of financial institutions that can offer credit cards to consumers. Another word for credit union. We can however, investigate the information on your credit report if you believe it is inaccurate or incomplete. Credit unions are not-for-profit organizations that exist to serve their members. Credit Union Acronyms Acronyms can be confusing, especially if you’re new to CUs (that’s credit unions). n. A cooperative organization that makes loans to its members at low interest rates. Credit Union. A nonprofit organization in which qualified persons may make deposits and obtain loans. Meaning "honor, acknowledgment of merit," is from c. 1600. The members of the credit union pool their deposits and provide loans and other financial services to each other. Formerly, membership was strictly defined so as to limit it to persons in a particular industry or trade organization, but those rules are now largely obsolete. That affiliation can be based on employment, geography or interest. Deposit insurance: As a federal credit union, our members’ deposits will be insured by the Canada Deposit Insurance Corporation (CDIC), which also insures deposits at the largest banks in the country, instead of by the Credit Union Deposit Insurance Corporation (CUDIC). Credit union definition: a cooperative association whose members can obtain low-interest loans out of their... | Meaning, pronunciation, translations and examples Credit union members can access the … A corporation formed under special statutory provisions to further thrift among its members while providing credit for them at more favorable rates of … Learn more. How a Credit Union Works. Banks are for-profit, meaning they are either privately owned or publicly traded, while credit unions are nonprofit institutions. Meaning of Credit Union. American Heritage® Dictionary of the English Language, Fifth Edition.... Credit union - definition of credit union by The Free Dictionary. 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