Credit Unions

Assignment 2: Discussion

—

Credit Unions

Though customers look to banks for their financial needs, these

institutions are not the only

options available. The most attractive institutions to compete with banks are credit unions. They

offer the same products as banks do but at more competitive interest rates and generally with no

fees. Banks are owned by stockh

olders and credit unions are formed by customers. Since

customers are the owners, there is less pressure to meet earnings and profit targets, and more

attention is given to competitive products that are focused strictly on the consumer and the

community.

U

sing the assigned readings for this module, the Argosy University online library resources, and

the Internet, respond to the following:

·

Differentiate between a bank and a credit union.

·

Consider your own financial situation. Explain what financial institu

tion is better suited

for your financial position and explain why.

·

Identify a credit union in your area of residence that you may be eligible to use. If one is

not available in your locality, you may choose one available online. State the eligibility

requ

irements you may or may not meet for this credit union. Consider you have

established a hypothetical relationship with a credit union. Explain how you would use

the union to best plan your finances.

Having read about banks and credit unions, do the followi

ng:

·

Identify one large national bank, one regional or local bank, and one credit union in your

geographic area or online, if none are available in your locality.

Note:

Identifying appropriate institutions will help you complete

M3: Assignment 2

, So be sur

e

to consider your choices carefully.

As part of your initial post, also respond to the following:

·

Post the Web site links for the three institutions you have identified.

·

Describe some of the services the institutions offer. Specify the interest rates of

fered on

either savings or loans.

Write your initial response in 1

–

2 paragraphs. Apply APA standards to citation of sources

Assignment 2: Discussion—Credit Unions

Though customers look to banks for their financial needs, these institutions are not the only

options available. The most attractive institutions to compete with banks are credit unions. They

offer the same products as banks do but at more competitive interest rates and generally with no

fees. Banks are owned by stockholders and credit unions are formed by customers. Since

customers are the owners, there is less pressure to meet earnings and profit targets, and more

attention is given to competitive products that are focused strictly on the consumer and the

community.

Using the assigned readings for this module, the Argosy University online library resources, and

the Internet, respond to the following:

 Differentiate between a bank and a credit union.

 Consider your own financial situation. Explain what financial institution is better suited

for your financial position and explain why.

 Identify a credit union in your area of residence that you may be eligible to use. If one is

not available in your locality, you may choose one available online. State the eligibility

requirements you may or may not meet for this credit union. Consider you have

established a hypothetical relationship with a credit union. Explain how you would use

the union to best plan your finances.

Having read about banks and credit unions, do the following:

 Identify one large national bank, one regional or local bank, and one credit union in your

geographic area or online, if none are available in your locality.

Note: Identifying appropriate institutions will help you complete M3: Assignment 2, So be sure

to consider your choices carefully.

As part of your initial post, also respond to the following:

 Post the Web site links for the three institutions you have identified.

 Describe some of the services the institutions offer. Specify the interest rates offered on

either savings or loans.

Write your initial response in 1–2 paragraphs. Apply APA standards to citation of sources