Glossary
Glossary of terms and acronyms related to Australian banking, finance and investments.
Credit Union
A credit union is a financial institution fully owned and controlled by its members. Unlike banks, they do not aim to maximize profits for their shareholders, so members enjoy all of the benefits. The profits of a credit union usually come back to members in the form of competitive interest rates, facility improvements, and better customer services. Members periodically elect a Board of Officers, who are responsible for everything from setting interest rates to overseeing day-to-day operations. Each member has an equal say in the credit union, regardless of position or amount of money invested.
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