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Credit Unions Pros And Cons

411 Words2 Pages
Within the borders of New York alone, there are 5 million credit union members (1). By being members of a credit union, these millions of people ensure the best possible personal benefits for themselves, while trusting that their deposits are being used to benefit others as well. Credit unions do not exist for the purpose of generating a profit, but for the purpose of strengthening and encouraging its members. Like banks, credit unions allow members to make deposits into accounts and lend that money to others in the form of a loan. This system benefits the depositor by providing high interest on the money they lend to the credit union, and benefits the borrower by charging low rates to take out a loan. Unlike banks and other corporate lenders,
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