Question

22. Why do credit unions refer to savings and checking accounts as share accounts?

O Because you are sharing your money
with other credit union members when
you open an account.
O Because the credit union shares it's
profits with the community.
Because having one of these accounts
represents owning one (1) share of the
credit union.
Because you are sharing your money
with the credit union when you open an
account.

Answer 1

Credit unions refer to savings and checking accounts as share accounts because they represent ownership in the credit union and highlight the cooperative nature of the organization.

Step-by-step explanation:

When it comes to credit unions, savings and checking accounts are referred to as share accounts because they represent ownership in the credit union. When you open a savings or checking account at a credit union, you are essentially becoming a member and owning a share of the credit union. This is because credit unions are nonprofit financial institutions that are owned and operated by their members. By referring to these accounts as share accounts, credit unions emphasize the cooperative nature of their organization, where members share in the ownership and benefits.

Answer 2

C. Because having one of these accounts represents owning (1) share of tge credit union.