Final answer:
Credit unions direct their services to people with something in common. They cater to specific groups based on common characteristics such as occupation, location, or membership to certain organizations.
Step-by-step explanation:
Credit unions direct their services to people with something in common. Unlike banks that serve a diverse range of customers, credit unions are member-owned financial institutions that cater to specific groups. These groups can be based on common characteristics such as occupation, location, or membership to certain organizations.
For example, a credit union might specifically serve teachers or employees of a particular company. By focusing on a specific group, credit unions can tailor their services to meet the unique needs of their members and offer more competitive rates and fees.
This strategy allows credit unions to foster a sense of community and provide personalized assistance to their members.
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