Question

Which of the following is a unique feature of credit unions?

ACredit unions are typically owned and run by their members.
BCredit unions limit membership to certain people or groups.
CCredit unions offer a wide variety of banking services.
DBoth A & B

Answer 1

Both A and B are correct.

Explanation:

The unique feature of credit unions is -

a)Credit unions are typically owned and run by their members

b)Credit unions limit membership to certain people or groups

Credit unions are non profit cooperative organisations whose members can borrow money from these institutions at low interest rates. This is run by a few members.

These provide a variety of financial services like- savings accounts, CD's, credit cards etc.

Answer 2

The correct answer would be D. Credit unions are typically owned and run by their members which means that members earn any profits from the credit unions and they usually elect a board or other leadership entity to make decision for them. They are also usually limited to some kind of location or group of people depending on the type of credit union.