Every time a customer makes a purchase, a credit union receives a 10% cut in the amount that can be paid.
This type of credit union is very common in the US, with the Federal Credit Union Act of 1933 mandating that credit unions be operated for the benefit of their members. (Many credit unions operate as non-profit organizations, but the principle still holds.
By setting up a credit union, you are essentially asking your customers to give you money that will go to your core activities, like paying the bills, paying the fees for your services. It’s a clever way to get customers to participate in your business without having to feel like a middle-man, but it’s also pretty simple.
The real problem with this is that there are actually a lot of really bad credit unions. The problem with credit unions is that they are not credit unions in the sense that they are not organized to give you money. When a credit union gives you money, it is for a specific purpose, like paying for your services, or paying your utility bills. Credit unions are just a lot more organized and more professional than that. So we should call them what they are: a non-profit organization.
The problem with these bad credit unions is that they are not really very good at what they do. Most of the time they don’t get paid on time, they don’t pay their bills on time, they don’t help you with your loan if it was foreclosed on, or they don’t give back any money to the people who helped them. Most of their customers are actually a bunch of freeloaders who just want their money back. This is the exact opposite of a credit union.
To get a better picture of how these institutions work, we talked to a few of the folks who have been with them for a very long time. One of the first things we asked them was, “do you have a customer satisfaction rating?” Most of the time they said, “no.” “Well, how about a money-back guarantee?”, “no”.
The Federal Credit Unions, as the name implies, are federally-chartered. This means they are created by the federal government and run by the Federal Bureau of Investigation (FBI). The F.B.I. is, of course, an agency that investigates crimes that are on-going. In the case of credit unions, they have the authority to take over a bank in order to liquidate the bank’s assets.
Credit unions come in a wide variety of sizes and degrees of sophistication. The largest credit unions may not be profitable but they serve an important purpose: to provide a place to store and maintain the financial record of all of its members. A credit union is the single largest source of savings for most Americans. If a credit union can’t do its job, it goes to the FDIC.
The other thing that sets credit unions apart is that they have access to virtually every financial institution in the country. They have access to the federal government so they can keep their money and their assets safe, which is another reason why they are the world’s largest financial institution.
The federal government has no monopoly on credit unions either. Many states have their own credit unions that act as an extension of their state governments. This is because the states have the ability to raise tax dollars to fund their credit unions. And if you’re a state, you should be concerned about your local credit union because you’ll run into plenty of fees for the privilege. One of the best ways to keep your credit union in business is to develop and maintain community relationships.