Servus Credit Union Ltd

Servus Credit Union Ltd
Servus Credit Union Introduction Servus credit union Ltd is a financial institution which is a
community based company, and it is owned by the members of this union. It is based in Edmonton,
in Alberta, Canada. It is one of the areas largest credit union. Servus union was created as a merger
of several regional credit unions in Alberta. These various credit unions have different histories and
their roots go way back to 1938. The company was formerly known as Capital City Saving and
Credit Union Limited. It changed its name in November 2006 to be known as it is today, Servus
Credit Union Limited. It is owned by these constituent unions, and they are the ones that operate it.
Servus Credit Union Ltd was designated as one of Canada's 50 best managed companies and this
gives it a mark of excellence. It is a member of the CBA (Canadian Bankers Association). It is also a
registered member of the CUDGC (Credit Union Deposit Guarantee Corporation) which acts as a
credit union regulator and insures 100% of their deposits. Nonmarket Environment Regulatory
Under the law, the credit union has some mandatory obligations. This includes reporting on financial
information and intelligence to the Financial Transactions and Report Analysis Centre of Canada
(FINTRAC) on suspected financial irregularities like money laundering. Money laundering happens
in many ways, one of the most common types of money laundering is unregulated sale of securities.
The credit union conforms to the
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Why Credit Unions Are Important Essay
A credit union is a nonprofit, member owned, money making cooperative whose members can
borrow from pooled deposits at low interest rates. This is so important to communities for several
reasons. Firstly, credit unions are much more personal to a community rather than stockholders or a
corporate owned bank. Credit unions also provide lower interest rates for people whom may not be
in the best situations. Lastly, a credit union helps a community grow bigger, better, and stronger.
These are only a few of the many reasons why credit union are important, not only to me but also to
other members of the community.
When I say that a credit union is "more personal" to a community than a stockholder or corporate
owned bank, I am trying that most people in small, rural towns–similar to where I live–everybody
knows everybody. When somebody around here goes into a store, nametags are not really needed.
But, when you have to travel to a large bank, the chances are that you won't know who you are
dealing with. In a smaller community like ours, people prefer to know who they're working with,
especially when borrowing a large amount of ... Show more content on Helpwriting.net ...
An interest rate is the portion of the loan charged to a borrower. The interest rate is usually
expressed as an Annual Percentage Rates or APR. A lower interest rate is better for a person
receiving a loan because you don't have to pay back a lot of money that you never got to use. That
seems like common sense, right? For example, people would rather pay a credit union's average
APR of 2.64% than a bank's traditional 4.78% APR. For example, say one has borrowed ten
thousand dollars. At an APR of 2.64% for a one–time payment is $10,264 versus a 4.78 % on a ten–
thousand–dollar loan, which is $10,478. That is over two hundred dollars more! Because a credit
union is nonprofit, you don't pay more than what you

Pros And Cons Of Hudson Valley Federal Credit Union
I have chosen to open a checking account with Hudson Valley Federal Credit Union. This bank is
for any person living in the Hudson Valley in New York State. Therefore, there are no special
requirements besides geography that determine eligibility for this credit union. I also looked at Bank
of America and Wells Fargo. After reviewing all the options for different accounts and the pros and
cons of each bank, I believe Hudson Valley Federal Credit Union is the right bank for me.
Bank of America and Wells Fargo have multiple types of checking accounts. For the purposes of
comparisons, I chose the most basic account type to compare to HVFCU, which only has one
available type of checking account. Bank of America offers Core Checking and Interest

Credit Unions: Pros And Cons
Credit unions are cooperative financial institutions, owned and regulated by the people who make
use of their services. The members belong to the same community, workplace or church. It is
monitored by the government, fully covered by insurance and run by volunteers. Now, if someone
tells you to ditch banks for a change and give credit unions a chance, would you go for it? Read up
on the PROS and CONS of credit unions before opening up a new account in one: PROS OF
CREDIT UNIONS: 1. A credit union is a non–profit organization. It's owned by the members, so if
you are part of the credit union, you shouldn't have to worry about the owner of the bank running off
to Mexico with your money. All the members control the capital of the organization. 2. It's as
dependable as your local bank. ... Show more content on Helpwriting.net ...
"Applying for a credit card," he said. I looked at the man in the suit and tie, "would you like to sign
up for one to?" he said. I told him no, but Sam insisted that I do, I refused again and he called me a
chicken and said that I was scared. So I took the paper work from the man and started filling out the
forms, only I was to afraid to write down my real name and address or my social security number, so
I just made one up. When I was done the man handed both of us a pen and walked away. A week
went by and I gave little thought to these events, I simple got out of bed, took a shower, dressed, ate
my breakfast, picked up Sam and we headed for class. Around twelve o'clock we had an hour and a
half break, I was hungry but low on cash, Sam was a big guy and he was always hungry and always
out of money. So I was a little surprised when he offered to buy me lunch. I said sure, we walked
towards a Yoshinoya just outside campus. We both ordered, and the bill came to around nineteen
dollars, Sam took out his wallet and paid with a credit card. I was

Why Do You Want About Credit Unions And How They Work?
The way people bank is going through explosive, explosive changes. In fact, it's transformed more
in the last decade than in the last century. The great news for millennials is that it's easy to grasp and
use the new technology.
But here's the rub: Old school is not necessarily obsolete. For example, how much do you know
about credit unions and how they work?
Unlike banks, credit unions are non–profits–meaning that they can offer better interest rates on
savings accounts and loans because they benefit from federal tax advantages. They're also
advantageous from a fee standpoint because they operate in mutual partnership; there are close to
6,000 credit unions nationwide. And fees are a big deal in a day and age when Citibank, for
example, charges you $30 a month to keep your money in their checking account ... unless you keep
a zillion dollars in it.
Unfortunately, getting a higher rate on your savings accounts from a credit union isn 't very exciting
when you compare the big bank 's convenience banking right from your phone. There's nothing like
depositing a check with a smartphone. The extra .5 percent on your savings is hardly enough
motivation to switch banks.
All that's changing, though. In mid–April, the Service Credit Union released an iPhone app that
allows for photo–based check deposits. The SAFE Credit Union app does the same, along with
searching out fee–free ATMs for you.
Yet banking has crucial considerations that go beyond high–tech. It 's tough to get

Benefits Of Credit Unions And A Credit Union
Credit unions are a non–profit organization that targets new members by offering lower rates and
fees, and higher paying dividends. Although members are sold to the idea of not paying a lot of
interest or fees, they face minimal benefits when it comes to rewards with a credit card or resources
to services through online banking, etc. The purpose of this report is to determine and analyze the
pros and cons of the credit union's system structure and to propose suggestions on how to bring in
more business.
There are advantages banking with a Credit Union. First and foremost, credit unions are consistent
with providing excellent service and getting high ratings on consumer satisfaction surveys because
they deal with their members on a ... Show more content on Helpwriting.net ...
My recommendation includes the following:
Have more branches located nationwide.
Have better rewards on credit cards
Make it easier to become a member without catering to specific geographic or work areas.
________________________________________________________________
STATEMENT OF OPPORTUNITY:
Credit Unions are non–profit that gives back to their loyal members versus commercial banks where
they profit whatever they make from their customers. Although there are many perks and benefit
banking with a credit union, there are also some things that they can improve on to attract people to
bank with them.
As an employee of Premièrone Credit Union, I will be writing my report on the advantages and
disadvantages of banking with a credit union and how they can enhance themselves as a financial
institution.
PURPOSE AND SCOPE:
To inform CEO's and executives of Credit Unions that they can bring in more members by
advancing their products and services.
SOURCES AND METHODS OF DATA COLLECTIONS:
My data will come from articles accessed through press conferences SJSU Library databases, and
interviews or surveys conducted by members banking with Credit Unions

BACKGROUND:
Credit unions are a non–profit financial institution. They offer similar products such as: savings and
checking account, loans and lines, ATM and debit cards, mortgage, equity loans, etc. They are
insured through National Credit Union Administration, so your money will be safe just in case

International Credit Union Is The Largest Finan Cial...
FinancialStar International Credit Union is in the business of assisting our members and clients to
become financially independent and well–balanced. Our goal is not to become the largest finan–cial
institution in the world, but to develop each individual member for long–term success and financial
stability. Our members know they can trust us to help them achieve a brighter financial future
through education and tested and tried approaches to money management which allows them better
use and control of their hard–earned money! As a result, they'll enjoy greater finan–cial security and
experience fewer financial problems. If FinancialStar International Credit Un–ion does its job well,
we will consequentially experience substantial growth and increased in–vestment and market share.
We also believe that our employees are a key component to our success. We, therefore, ensure equal
employment opportunities for all. We have developed diversity management offices within our
structure to assure that an enterprise–wide strategy exists. In addition, we provide regular,
appropriate and continuous formal and informal training for all employees, managers and supervi–
sors while maintaining an organization that fosters camaraderie and true espirit de corp.
This strategic plan provides a roadmap for FinancialStar International Credit Union to better ac–
commodate and assist our members while maintaining utmost professionalism, quality member
service and unfailing attention to detail.

Credit Union Pros And Cons
What is a credit union? A credit union is a not–for–profit, cooperative financial institution that is
owned and controlled by its members. Credit unions serve people that share something in common
such as an employer or place of worship. Credit unions allow members to pool their savings, lend to
one another, and have a voice in the governance in the organization. This aspect of credit unions is
particularly appealing given the increasing alienation many consumers are feeling from mega banks.
Credit unions are similar to banks in that they offer many of the same services such as check and
savings accounts as well as loans. Deposits are also federally insured with credit unions as they are
with banks. Credit unions combine these services with many other benefits such as personal service,
generally lower interest rates and higher investment returns. Steps to take to find a credit union to
join. Contact your employer to see if your company provides this benefit. If not, ask them to
consider making the valuable benefit of credit union membership available. If a family or household
member is eligible to join a credit union you may be eligible to join because of your relationship.
Also, try contacting occupational, fraternal, ... Show more content on Helpwriting.net ...
Each year, your local credit union holds an annual election and meeting where members select
candidates for the Board of Directors from among its members to represent them in setting the
policies of the credit union. As a member–owner of your credit union, you are entitled to vote on
credit union business and elect new board members. You can also serve on your credit union's
volunteer board or one of its committees. Credit union elections are based on a one–member, one–
vote structure. This structure is unlike the for–profit, public companies where stockholders vote
according to the number of shares of stock they

GTE Federal Credit Union Analysis
How to sign up for GTE Federal Credit Union
One may sign up for an account with this union through a mobile phone or through a desktop. This
enables a customer to perform financial transactions online. To start with one must ensure they have
an up to date browser that is secure. Secondly one needs to have a member number or their social
security number is registered with the bank. After which one accesses their website by simply
clicking www.gtefinancial.org. Ones on the website one clicks the Enroll in Online Banking tab a
link that is located below the login box. One then identifies their account by entering their member
number or their social security number. The system then checks for existing records that are in line
with what one provides. Once this is confirmed, one is presented with an option for receiving a
onetime access code this may be through a phone call or a text message. On receiving this code, a
customer is required to input it into the system. Once this is done and the code confirmed to be the
one that was sent to the customer, the system prompts the customer to create permanent login
details. The customer then inputs their preferred login details and submits them to the system for
analyses. The system then analyses these access details to ensure they are secure by ensuring they
meet the standards for a secure system. One is then required to create a Mykey whose purpose is to
provide more security to the account. Mykey enables one to establish a question to be ... Show more
content on Helpwriting.net ...
One then clicks on the Login Online Banking button on the page's top right hand corner. One then
enters their Username and password they had provided when signing up. At this stage one checks
their login credentials to ensure they are correct after which one clicks on the purple login button.
This takes one into their account from where one can perform transactions or even apply for a loan.
Recovery of Login

Credit Union Organisation
JOY CREDIT UNION (JCU)
MEMBERSHIP
Membership shall be open to all members of International Central Gospel Church – Joy Temple. To
be recognized as a member of the Credit Union, prospective members are required to pick up
membership forms at a cost of GH¢5.00 each. Completed application forms together with a copy of
a current ID, 2 copies of Passport Size Pictures, and an application processing fee of GH¢10.00 will
be required to complete membership formalities. Being a member does not automatically qualify a
member for loan facilities.
MINIMUM CONTRIBUTION
The minimum contribution per member shall not be less than GH¢2.00 per week.
LOANS FACILITIES
To qualify for a loan, a bona fide member should have contributed regularly for a ... Show more
This will enable JCU pay more dividends to its members as the absolute amount to be shared by
members will increase each year though the DPP will remain at 60%.
During the first two years of operations, all the funds of JCU will be invested in short term money
market instruments to ensure that as and when members require loan facilities, JCU will be able to
meet this need within the shortest possible time. Over time, the funds of JCU will be invested in
both short term money market instruments and in long term investments. The funds invested in long
term investments will not be available for advancing loans to members but rather will be kept as an
investment for JCU to earn an appreciable level of return.
The split of investible funds between short term money market instruments and long term
investments will be determined by the trend of membership loan requests over time. The two year
period within which no funds will be invested in long term investments will hopefully throw up a
good enough trend to enable management come up with a proper split for investing the funds of
JCU.
WITHDRAWAL FROM JCU
If a member leaves the Union within three (3) years of membership, that member will forfeit 10% of
the total contribution outstanding. If the member leaves after three (3) years of membership, that
member forfeits only 3% of the total contribution outstanding to that

Tax Exempt Status Of Credit Unions
Tax exempt status of credit unions is at risk!
COLLAPSE
Credit unions have been a staple in the United States since 1909 and were instituted to provide
affordable credit to working class families. They are member owned, not for profit, and report to a
volunteer board of directors. Credit unions are federal income tax exempt and have been since 1934
when the Federal Credit Union Act granted the status due to being a cooperative that operates by
and for the members. There are Over 96 Million hard working Americans that choose to bank with
credit unions over the larger banks. Earlier this year members of the U.S Congress considered
passing a tax reform that involved reversing the tax exempt status of credit unions. This will not ...
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"The National Association of Federal Credit Unions (NAFCU) commissioned a study to examine
what would happen to the U.S. economy if the presence of credit unions was reduced signiﬁcantly
as a result of eliminating the credit union tax exemption. The authors of the study are Robert
Feinberg, Ph.D., Professor of Economics at American University; and Douglas Meade, Ph.D.,
Director of Research at Interindustry Economic Research Fund, Inc. Previous studies had
demonstrated that changes to the credit union tax status in Canada and Australia led to a severe
reduction in credit union presence. The resulting reduced competition for consumer financial
services led to higher interest rates on consumer loans and lower interest rates on deposits for
consumers in those countries. The results of the 2014 study indicate that similar impacts on
consumers would be seen here in the United States should the credit union tax exemption be
eliminated." Some of the key findings are "Removing the credit union tax exemption would actually
cost the federal government $15 billion in lost income tax revenue over the next 10 years. Gross
Domestic Product would be reduced by $148 billion, and 1.5 million jobs would be lost over the
next decade as well. The total benefit to U.S. consumers from the presence of credit unions in
financial markets was $153 billion over the nine–year period of the study, or $17 billion per year."
(NAFCU 1) Taxing credit unions only results in costing the

Credit Unions: The Value Of Small Personal Loans
You don't have to scramble to borrow from friends or family when you have an emergency expense.
A small personal loan from a lender can be a convenient way to pay a major car repair bill or make
an important purchase.
When taking out a small personal loan, it doesn't require collateral like a home or car loan would,
but the rate of interest still depends on your credit score. While you might still qualify for a loan
when you don't have great credit, you'll end up spending more on interest every month.
A small personal loan is normally below $3,000 and has a maximum rate of 36 percent. It's usually
paid back in monthly fixed payments with a loan term of more than a few months. If that sounds like
the kind of loan you need, there are a few ... Show more content on Helpwriting.net ...
Citibank and Wells Fargo are some of the few that offer personal loans for applicants. In some cases,
the bank will require you to be a member, which means opening a bank account with that lender.
The loans start at approximately $2,000 and the borrower will pay interest based on their credit.
If you're a member of these banks, you can get a good rate if you've remained an excellent customer
with good credit. Bank interest rates are on the higher end of the spectrum compared to credit
unions.
Payday Lenders
When a lender doesn't check your credit, you can easily get a small personal loan even if you have
terrible credit. You're paying for that with huge APR interest rates that could balloon into the
hundreds each month before the premium is even paid.
Payday lenders as well as car title loans can become increasingly difficult to pay off for the person
who borrowed the money, which will have a bigger impact on their credit. In some cases, the APR
could exceed 1,000 percent. It becomes impossible to pay back the money.
While it helps if you plan ahead for emergencies with a fund that you pay into over time, there are
situations that require an emergency personal loan. When possible, try to work with a lender that
won't charge you high amounts of interest each month or fees that make it impossible to pay back
the

Impact Of Mergers And Acquisitions On Credit Unions
The purpose of this research is to review the impact of mergers and acquisitions on credit unions as
it applies to the principles of money and banking. Specifically we will review the impact of the
merger between E & A Credit Union and First Community Federal Credit Union. Mergers and
acquisitions are very common in today's financial environment. According to the Glenn Christensen
(2015), there has been an increase in approved mergers again this year, June 2015 over June 2014.
Not only are there more and more mergers, the size of the merger is growing as well (Christensen,
2015). As we look at the history of financial institutions over the years, mergers and acquisitions are
very common. Mergers and acquisitions have had a significant impact in the decline of the number
of banks since 1985 (Mishkin, 2016). Over the past few decades, thousands of banks merged
(Wilcox & Dopico, 2011). Credit unions have seen significant numbers in terms of mergers and
acquisitions spanning over many years. In 1969 there were 23,866 credit unions with assets totaling
$16 billion (Wilcox & Dopico, 2011). This number dropped dramatically by 2010 to only 7,491
credit unions (Wilcox & Dopico, 2011). The assets grew to $927 billion equaling 7.6% of bank
assets in comparison to the only 3% held during 1969 (Wilcox & Dopico, 2011). Although there was
a 70% reduction in the number of credit unions, credit unions grew in their share of the market.. Due
to the structure of credit unions,

Credit Unions Vs Banks
Many people often compare credit unions to banks, but they are surprisingly different in a multitude
of ways. Founded on the principle of people helping people, a credit union serves the same purposes
as most banks, providing services including opening an account, making a deposit, and providing
loans. Nevertheless, the main difference between credit unions and banks is that credit unions are
run by their members. Each member essentially "owns" a part of the credit union once they open an
account and make a deposit. They then have a say in how it runs and they elect members for a board
that manages and operates the credit union. However, most credit unions are not open and accessible
to all people. A person can be affiliated with a credit union

Kiting Credit Unions
Kiting could involve collusion between account holders at different financial institutions. An
example is a husband and wife who have checking accounts at different institutions (e.g., a credit
union and a bank). While the accounts at both institutions may be titled in both names, the checks on
one account might only contain the husband's name and the checks on the other account might only
contain the wife's name. Tellers should be aware of this when evaluating kiting symptoms. Filing
Suspicious Activity Reports (SARs) Credit unions should file a Suspicious Activity Report (SAR)
when they discover a member is engaged in a check–kiting scheme. The SAR should be filed even
though the amount of the kite is less than the $5,000 threshold for filing a SAR. SARs are placed in
an electronic database that law enforcement officials can access. A SAR ... Show more content on
Helpwriting.net ...
Business owners resort to kiting due to poor cash flow. They inflate their checking account balance
with nonexistent funds to pay bills, such as their payroll, mortgage/rent, loan payments, and such.
The business owner may kite checks between their business account and personal account held at
different institutions. The business owner may own another company and kite checks between the
two business accounts. It may be extremely difficult to spot a business account–kiting scheme due to
the volume of checks deposited daily. Nevertheless, tellers should be alert to the possibility that a
business member could be engaged in a kiting scheme when processing the check deposits. To
address the risk associated with business account kiting schemes, credit unions should perform a
risk assessment by evaluating the business member's creditworthiness before approving a checking
account. The idea is to offer checking accounts to business members who are least likely to abuse
the account, which could result in large losses to the credit

ABC Credit Union
ABC Credit Union
AUP 14 for ABC Credit Union/Bank
Policy Statement
This policy is to ensure compliance with GLBA, IT security best practices by its employees, and
regulate the use of the internet as well as the pages allowed visiting, not related to business
operations, and email security controls
Access to the Internet will be approved and provided only if reasonable businees needs are
identified. Internet services will be granted based on an employee's current job functions, a new
Internet access request must be submitted within 5 days.
User Internet access requirements will be reviewed periodically by company departments to ensure
that continuing needs exist.
Purpose/Objectives
The purpose of this policy is to define the appropriate uses of the Internet by ABC Credit Union
employees and affiliates.
Additionally to secure ABC Credit Union, the employees, and customers from harm caused by the
misuse of our IT systems and our data
This policy will be followed by every person employed by, under the control of, and/or contracted
by ABC Credit Union and will focus on Internet/e–mail use, organization's IT assets/system for
personal use, and security awareness training
Scope
This policy applies to anyone using ABC Credit Union Information Technology assets across the
multiple branches and locations throughout the region. Including but not limited to; employees,
temporary employees, contract employees, vendors, and visitors. ABC Credit Union's Internet users
are expected to

The Pros And Cons Of Credit Unions
Cooperative financial institutions date back to 19th century Europe, thereafter they first appeared in
the United States during the early 20th century. The most common types today are mutual savings
and loans, mutual savings banks, mutual insurance companies, and credit unions. These first credit
unions were small in their nature and often had a social, political, or religious character in addition
to their explicit economic function. Along the century these credit unions have grown which
ultimately led to debates concerning inefficient governance structures on the one hand and unfair
competition on the other. Proponents of credit unions argue that credit unions bring needed
competition to banks in local markets. Evidence is found that credit ... Show more content on
Helpwriting.net ...
The NCUA interpreted this in a way that allowed credit unions to serve several groups called select
employee groups (SEGS) until 1988 due to the Membership access act. Trade associations
representing community banks and thrifts have traditionally opposed expansion of credit unions due
to the unfair competitive advantages the union has. For this reason many credit unions changed their
character to become geographically based or residential credit unions. This restructure however did
not focus on the concentration risk of the union which is caused by lack of diversification. The U.S
treasury outlines five characteristics that distinguish credit unions from banks and thrifts. First,
credit unions are member–owned as well as member–directed with each member having one vote.
Second, credit unions rely on a voluntary board of directors. Third, credit unions do not operate for
profit. Fourth, credit unions have a public purpose. Lastly, credit unions have certain limitations on
their membership based on an affinity among members– a so called common

Credit Union Corporation Case
The credit union's net capital ratio decreased to 11.48% as of the examination date. The decline in
the net capital ratio was the result of a net loss incurred in the first quarter of 2017. The credit
union's profitability declined through the examination date with an annualized ROA ratio of
(0.49%). The recent lower profitability has been the result of decreases in interest margin and one–
time costs related to relocating the credit union's main office and converting to a new data
processing system. Assets and shares increased modestly in the first quarter and loans declined
slightly.
As part of the examination, we reviewed the credit union's 2017 budget for reasonableness and
attainability. The budget projected asset, loan, and share growth of 0.80%, 12.37%, and 0.88%,
respectively. YOA was projected to increase to 2.60% and COF was projected to increase to 0.24%,
resulting in a NIM of 2.36%. Other income was projected to decrease to 0.80%. Operating expenses
were projected to decrease to 2.99% and PLL was budgeted to decrease to 0.13%. These projections
resulted in a budgeted ROA ratio of 0.03%, and the net capital ratio was projected to increase
slightly to 11.78% respectively. Overall it was determined that the credit union's budget was
reasonable. ... Show more content on Helpwriting.net ...
The plan included strategic initiatives of relocating the credit union's main office and completing a
data processing system conversion. As these two initiatives will occupy a significant portion of
management's time in 2017, further planning was not

Credit Unions Benefits
Why are credit unions a non–profit organization and banks are for profit? The Credit Union is
always there to help members achieve their financial goals and it is run by the members. Banks are
run by board of directors and bankers make decisions that increase their profits. "Profits made by
credit unions are returned back to members in the form of reduced fees, higher savings rates and
lower loan rates." It is there to mainly serve the members interest rather than to charge the members.
"Not for profit, not for charity, but for service." Credit Unions reward members with leftover profit,
pay expenses and costs first. Friedrich Wilhelm Raiffeisen was in charge of the Credit Union to help
farmers in Germany. The first Credit Union was organized ... Show more content on Helpwriting.net
...
The Medici bank was the most famous Italian bank and it was accepted by Giovanni Medici in
1397. The oldest bank is the Monte Dei Paschi Di Siena; it has been running since 1472 in Italy.
Money lending started from Ancient China and India. The Bardi and Peruzzi families accepted
branches in parts of Europe. "The development of banking spread from northern Italy throughout the
Holy Roman Empire, and in the 15th and 16th century to northern Europe. Both banks and credit
unions have the objective to serve financial needs of the customers. They both have Automated
Teller Machines, branches, depositors insurance, and are overseen by regulators. ATMs are located
everywhere for a purpose because they want to make things easier for people and locate them in a
place where people can easily get to. People can access an ATM if they have a credit or debit card to
withdraw and insert money. It saves a lot of time instead of going inside the bank or credit union and
stand in long

Credit Union Research Paper
Credit Union Essay
While growing up I did not realize the difference between a bank and a credit union. As soon as I
started working a job my parents always made me save a certain percentage of my paycheck. I
currently have savings accounts in the SHP Federal Credit Union and Fifth Third Bank. Once I
started learning how to manage my money I soon started to become familiar with the credit union
difference. The credit union to me is a family oriented organization that cares about the well being
of its members. Credit Unions are directly associated with an organization and truly care about its
members. Credit Unions live by the philosophy that when their members succeed with their
financial decisions, it is a direct reflection of how they are taking care of them ... Show more content
on Helpwriting.net ...
When dealing with the credit union they have always been polite, professional and caring. They
made us feel like we were important to them and that doesn't happen often in todays world. Also,
whenever we have a question for the credit union they give us a straight answer and we never felt
like we were dealing with a salesperson that is trying to push us in a direction that helps their profit.
In a world where it is easy to manipulate numbers to increase profit when dealing with financial
applications, it is refreshing to know this is not the case when dealing with our credit union. This to
me is a true reflection of people helping people. I am not sure exactly how all credit unions operate,
but I do know that the SHP Federal Credit Union runs like a family and takes care of all of its
members. I appreciate everything the credit union has done for me, especially assisting in helping
me learn how to handle money, so that I can budget and invest properly. I plan to continue to use the
credit union for my banking needs through my college career and

Essay On Credit Unions
Federally chartered credit unions must abide by the Federal Credit Union Act (FCUA) at all times.
This Credit Union Law governs the terms and coverage of all insured accounts held by these
organizations, if the credit union is federally insured. In addition, this law outlines the structure and
the duties of the National Credit Union Administration. Credit unions continue to grow and thrive in
the United States, building on the law first put into place by President Franklin D. Roosevelt back in
June, 1934. The Formation Of Credit Unions Credit unions came into existence in American as a
cooperative measure to serve those of modest means in need of provident and productive credit.
They continue with this purpose today. The credit unions function to promote thrift, while providing
credit to members. In addition, they work to provide a meaningful bond and affinity among their
members, as witnessed by a commonality of related and shared work, routine engagement, common
and related interests, activities and experiences, or another shared characteristic of identity or
cohesion. These organizations remain exempt from federal and the majority of state taxes as they are
owned by the members, are democratically operated, and are ... Show more content on
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Identity theft is another issue every banking institution must be concerned about, as major banks
have been hacked, along with numerous retailers. In the event a credit union is hacked, they need
legal advice as to what steps must be taken to protect their customers. Others issues a credit union
may need to consult with an attorney on include those involving member transactions. credit
reporting, employment policies and more. Real estate transactions, commercial litigation and daily
operations are three other areas where legal advice may be sought at one time or

America 's First Credit Union
The credit union offers many opportunities for its members. No union is quite the same. Every
company has many similarities. Members of the union are given advantages that may not be
available to others. There are many advantages and disadvantages to being part of a union. What is
the America First Credit Union? It is a credit union associated with the Salt Lake County, Utah area.
Members of this union must live within a twelve mile radius of the Mesquite Nevada post office.
This company provides service to these residents only. The eligibility to become a member is stricter
than most companies. A member of your immediate family must have a membership with the
America first credit union. The other eligibility requirement is if your ... Show more content on
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The America first isn 't the only credit union who offers members the opportunity to excess their
accounts on the internet. The option to access accounts and perform tasks is a new tool available to
all members. This technology to do account tasks online is a great opportunity to seize. As any other
company would do, the America First Credit Union offers their members the opportunity to report
any fraud type of emails to an email address. The email address is the following; email
fraud@americafirst.com. This email address will help to stop and prevent any type of fraud that may
be lurking on the internet. This credit union company isn 't for everyone. The eligibility
requirements are high for those who do not reside in the same county as the company. But that
doesn 't mean the company isn 't a good company to have a membership with. If you are in the
residence of the county, look up the company to see if you qualify for a membership. America First
Credit Union is a good union to join. Try it for yourself. Making mistakes when it comes to your
credit is a lesson that many people learn the hard way. Constant phone calls, mail, and threats can
make a tough financial situation worse. Either how well or how poorly you manage your debts and
finances are available to creditors to see when you apply for credit, such as for a retail store card, or
even an auto or home

Supplemental Credit Union Office Procedures
SECTION 7. SUPPLEMENTAL CREDIT UNION OFFICE PROCEDURES
Financial Advisors within the credit union environment have a unique situation. This section details
items Advisors need to know, understand and utilize when in the credit union environment. Several
important guidelines must be followed:
1. All broker/dealer activities must be handled by registered personal only. Non–registered personnel
may assist in clearly defined administrative duties, and no others.
2. All securities–related incoming mail must be handled by a person who has been fingerprinted and
is an associated person with FINRA through Navy Federal Brokerage Services, LLC. S/he must be
fingerprinted, complete a portion of Form U–4 for registration as an associated person with ... Show
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4. All sales and/or promotional material must clearly indicate Navy Federal Brokerage Services,
LLC is an independent subsidiary, and not a division within any credit union.
The Financial Advisor must know the credit union, its members and its programs, and at the same
time keep Navy Federal Brokerage Services, LLC, products and programs separate from the credit
union products and programs. The procedures in this Section are designed to assist the advisor and
credit union in avoiding potential conflict.
Section 7.1 Introduction
This part of the Compliance Manual is intended to provide Financial Advisors and employees of
credit unions (who are not advisors) with instructions and guidance regarding their conduct with
respect to marketing Navy Federal Brokerage Services, LLC financial services program. Careful
adherence to these guidelines and instructions ensures that the credit union and Navy Federal
Brokerage Services, LLC and their employees meet applicable legal and regulatory requirements. It
also ensures that program customers fully understand the separation between the credit union and
Navy Federal Brokerage Services, LLC.
Each non–associated or non–registered person working with or assisting a Financial Advisor should
also read this section. It is the

Becoming A Credit Union Member
Becoming a member of a credit union is easier than you may think because they are not set up as a
bank, but are non–profit instead. Qualifications easily include whether you live, work or attend
functions located in the same town where the credit union or one of its branches exists. You can start
the process of becoming a Credit Union member by applying online, and then visit the location in
person for final verification purposes. Benefits of a Credit Union Membership Unlike conventional
banking systems, credit unions are non–profit and focus on community and member needs. They
offer higher interest rates on savings accounts and lower interest rates on loans and mortgages.
Although their organizational structure is tax–exempt, they still

Credit Union Strengths And Weaknesses
They have won the award of the Best Place to Work in the state for 5 consecutive years. They have
also been recognized as the top performing credit union in the country for 5 years in a row.
Employees highly enjoy the culture that this credit union has created and they enjoy going to work
each day to help their members achieve financial success. SWOT Analysis: B1 – Evaluate two
strengths United States Credit Union has grown rapidly and in order to support that rapid growth,
they have a very created a strong recruiting process. In 2013, they had around 450 employees. Now
in 2018, they have just over 1,000 employees. They have partnered with a company called Talent
Plus that is based out of Nebraska. United States Credit Union is very proud of their relationship
with Talent Plus for a variety of reasons. ... Show more content on Helpwriting.net ...
It has since been reduced from 36% down to 18% ("Driving Growth," 2010). The credit union
attributes that to their relationship with Talent Plus. Talent Plus focuses on using assessments to
identify an individual's top talents. USCU then capitalizes on those talents and then implements
them into their organization. A potential employee has to achieve a certain score in order to move
forward in the selection process. Even if an individual has a great deal of experience in the banking
industry that does not ensure that they will be hired at USCU. Talent Plus believes that "People are
most effective when they can utilize their strengths to do work they enjoy. We identify those talents
so that you can more effectively manage your workforce. We prove results in profitability, retention,
engagement, job performance, and sales performance" ("What We Do," 2016). The strategic

Benefits Of Small Banks And Credit Unions
Relay FCU has certain advantages over larger banks and credit unions, the ability to offer higher
interest on savings accounts and lower rates on loans are two examples. The drawbacks of being a
small firm however, are such that a problem exists of low membership totals. When a new member
joins a credit union, their assets become a resource of the firm. The more assets a credit union can
amount, the greater risk it can undertake through loans, the number of and type of loans issued
increases and the credit union earns more in interest. Maintaining a steady growth in membership
may be especially important to Relay FCU because of the potential effects of an aging membership
population. In a study by the Credit Union National Association, ... Show more content on
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Relay FCU has an opportunity to address the problem of low membership numbers with the younger
demographic. In a study by the Credit Union National Association only 52% of credit union
members age 60 and over use online banking services, when compared to the 68% of the members
in the prime borrowing age (CUNA), this leaves small credit unions similar to Relay FCU who are
without online services, at a disadvantage in attracting younger members.
The issue that Relay FCU faces can be addressed with an aggressive marketing strategy centered
around attracting the younger population. With only one physical location and no online banking
service, a heavily tech–oriented youth population may look to other credit unions or banks instead of
opening an account with Relay. To address this, Relay must first seek to implement a web–based
banking system complete with an app for mobile phone banking as well. According to Bob Hedges,
managing director in AlixPartners' Financial Services Practice, "Consumers are demanding,
expecting, and shopping for mobile capabilities. Banks who fail to innovate run the risk of losing
customers and face real challenges in attracting new customers" (Marous, 2014). Once the mobile
banking service is implemented, Relay must develop a marketing plan targeted to consumers in the
prime borrowing age range of 25–44. This marketing plan must include heavy advertising and a
social media presence. Relay is not on any social media sites such as

Why Are Credit Unions Better Than Banks
In contrast to banks, which are usually owned by shareholders, credit unions are owned by the
members of that credit union. Because shareholders do not own them, credit unions do not have to
implement large fees to make a profit, much like banks often do. Whereas banks mainly focus on
profit, credit unions are non–profit; therefore, it is the members of the credit union who make money
off of investments. This allows credit unions to place higher value on customer service and
satisfaction than on making a profit. Consequently, credit union loans can offer lower interest rates
on loans, credit cards with lower annual percentage rates, and lower fees than banks can.
Additionally, credit unions give its members a say in how the credit

The Benefits Of Credit Unions
The article is devoted to the topic of credit unions and their popularity in the United States and
across the globe. The growing popularity of the credit unions when compared to the standard banks
can be associated with the proselytizing mission of the church. Due to large benefits suggested by
the credit unions to its members, more people tend to engage in the activities led by the credit
unions. As far as the credit unions are concerned, they provide a range of benefits to the people who
prefer them rather than banks. Many people choose the stability of the corporate credit unions since
they were able to resist to the crisis with less losses than the banks. The attractiveness of the
established unions is obvious when considering the low

Bank Relationship With Credit Unions
Having a banking relationship with a credit union helps change the community. Credit unions are
known to be beneficial to members in various aspects such as fees, interest rates, structure, etc. They
are the backbone to hard working families that are in need of service with education, medical bills,
housing situations, etc. Credit unions were created to give their best attention to serve college
alumni, professions, or religious institutions.
Credit unions tend to offer higher interest rates on savings or offer lower rates when it comes to
loans. If you were to put in any amount of money into savings, over time the outcome would be a lot
higher than if it were to be with a bank that offers lower interests on savings. This also benefits
those who are wanting to buy something with a loan, with lower interest on loans, money is saved in
the process through course of time. For example if your going to get a car loan or house loan, it is a
wise choice to go with a credit union. ... Show more content on Helpwriting.net ...
Most credit unions require no minimum deposit in order to open; it is simple as joining an amazing
club without a charging fee. With no fee holding members back, finding an eligible unions is a lot
easier in the community. Often times a person may want to join when they have new or raised fees
or bad customer services from their original banking provider. It may take some time, but credit
unions are generous enough to offer a free switch. Numerous credit unions are part of a banking
network, meaning there are more ATM locations than just a branch. These locations are within gas
stations or stores, so withdrawing money is more

Municipal Credit Union
Banks are institutions in which people put their money for safekeeping, to save, to use to pay their
bills, or to earn interest on. Banks are allowed to use that money to make loans and earn interest for
the bank's' owners. Different types of banks offer different types of services. For example,
commercial banks originally just served businesses, and savings banks and credit unions were used
by individuals, especially those who couldn't qualify for loans at regular banks. This is no longer the
case. Although commercial banks and thrift institutions used to serve different purposes, today they
all offer many of the same types of services including bank accounts, loans, credit, certificates of
deposits (CDs), and much more. The first bank I researched was Municipal Credit Union. Municipal
Credit Union is a state chartered credit union headquartered in New York City, regulated under the
authority of the National Credit Union Administration. After investigating its financial services and
products on the website, I found that they offer checking accounts, credit cards, CDs, mortgages,
home equity loans (line of credit), and IRAs. The benefits to customers involve free online banking
with bill pay and eStatements, a ... Show more content on Helpwriting.net ...
Even though credit unions are like banks, Municipal Credit Union provides a safe place to save and
borrow money at reasonable rates. Credit Union members are considered as owners regardless of
how much money they have on deposit and will always have a vote in electing board members,
unlike commercial banks. They also operate to promote the wellbeing of their members. For
example, profits made by credit unions are returned back to members in the form of reduced fees,
higher savings rates, and lower loan rates. In conclusion, many of the financial institutions today
such as commercial banks and credit unions offer many of the same types of services and

Credit Union Benefits
I foresee a credit union of the future benefitting me time and time again. This is because life is a
constant cycle of saving and spending money. No matter if I am saving for a small ticket item or a
big ticket item, I need to have a secure place to do so. Credit unions are a terrific choice no matter
the amount being saved. The reason a credit union is the way to go is that credit unions benefit the
members who are saving money, unlike banks who focus on increasing profits in order to benefit the
stockholders. I can use this knowledge to my benefit in the years to come. I, like many other high
school seniors, am currently saving money for college. College is not an inexpensive endeavor so I
need all the help I can get. By saving my money at

Disadvantages And Cons Of Credit Unions And Bank Differences
Credit Union and Bank Differences
Who credit unions vs. banks age–old financial discussion will win you wonder? Which of the loan
option are more suits for the concept of loans for housewives? What are the implementations of
credit unions and bank loans process in UK? This article will help you make the right investment
decision, the pros and cons of both, credit unions and banks; we're going to try to explain.
The entire history of credit unions in UK, even to save taxpayer funds was not used a single time.
However, in a few cases the bank rescue, the taxpayer dollars with the 1980s and 1990s has been
involved in the savings and loan crisis. Most of the time, people wanted to invest in banks and credit
unions or together. And it comes of pros and cons of is. Generally, similar services are ... Show more
There is no external members and managers also like working on a voluntary basis, will provide
extremely useful this kind of editing. The banks have no ownership interest in any type of Bank
Customers. Banks generally may not belong to investors to its customers. Credit unions, however,
are non–obvious to the public and serves only to their members. Eligibility requirements may be too
tight, too, and they limit the number of members. Banks are usually open to the public. Any
restriction in the number of customers, in fact, try to get the number of customers are banks.
Credit unions are cooperative financial institutions for profit is not distributed to the members of the
back–and earrings. Banks are companies that profit to shareholders announced earnings payment.
Credit unions based on a charter from the Federal Government or is regulated by the State. National
Credit Union federal credit unions share Insurance Fund (NCUSIF) within the scope of the insured.
This is the bank loans in UK insurance fund is more powerful. Depending on the State, Federal
Government or a charter of banks by regulators are

Credit Union Case Study
What media and messages are the most prominent? Why? PSECU communicates out to the
membership and prospective membership through mailers, call center interactions, e–centers, web &
mobile applications as well as through email. Additionally, the credit union also participates in
several community outreaches and utilizes these opportunities to further broadcast our offerings and
capabilities. Currently the credit union is sponsoring several scheduled walks and runs to generate
awareness for various health ailments. Furthermore, PSECU advises the employees through a
corporate portal of any new additions, changes, and notifications. The credit Union focuses on
providing a message of being able to provide reduced rates below that of a ... Show more content on
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(MONEY TIPS FOR EVERY STAGE IN LIFE, n.d.) This section encapsulates the reduced rates
and limited fees and security aspects mentioned above; however, it is buried in the website and is
not very easy to get to for members. When certain notifications out to members at different life
stages get sent out I would recommend that those notifications include links to sections of the blog.
This would benefit the members with more useful information as well as generate more traffic to the
PSECU blog section. Would you change some elements of the messaging? In addition to
recommendations about the blog, I would change certain aspects to focus more on personally
identifiable security. As the blog portion of the site is focused on financial aspects of life during the
student, parent, professional and senior stages of life, it is more geared on certain budgeting and
lifestyle checks before purchases. This all is fantastic; however, as many financial decisions and
processes utilize personal information that is detrimental to the member's personal security, it would
aid the member by including security aspects such as how to securely transfer documents as well as
other useful techniques to ensure their information security. Would you shift dollars from one
medium to another, or try to gain additional budget and add new media to the mix? Regarding the
blog section, much of the content is contracted out through services

The Pros And Cons Of Credit Unions
Credit union membership is voluntary and open to anyone within the credit union's specific field of
membership.
Credit unions are financial cooperative owned by their members, and they exist solely to service
members' consumer financial needs. Members pool their savings to be loaned to other members.
Operating surpluses are returned to the members in the form of lower loan rates and fees and higher
dividends. Credit unions also promote member education and consumer legislation.
Credit unions are democratically controlled by their members, guaranteed through equal voting
rights – one member, one vote. The Board of Directors is elected by membership and the Directors
volunteer their service without pay.
ORGANIZATION
CREDIT UNION
BANK
Purpose

The Ethics Of A Credit Union
he Gramm–Leach–Bliley Act, which is implemented by Regulation P, requires credit unions to
provide their members with initial and annual privacy notices that inform members about the
sharing of nonpublic personal information with third parties. The notices required by Regulation P
must be clear and conspicuous, and disclose, in detail, the institution 's privacy policies. In addition
to the annual privacy notice, credit unions are also required to inform members of their right to opt–
out of the sharing of nonpublic personal information with certain types of third parties. Credit
unions have generally complied with Regulation P 's annual notice requirement by mailing the
annual privacy notice to all members. Effective October 28, 2014, the Consumer Financial
Protection Bureau (CFPB) issued a final regulation that amended Regulation P, which gives credit
unions a second option. This second option allows credit unions to post the annual privacy notice
online and forego mailing a copy to some of their members. A credit union is still required to use
one of the permissible delivery methods that predate this amendment if it has changed or amended
its privacy practices, or engage in information–sharing activities for which members have a right to
opt–out. While the CFPB 's final regulation does provide some regulatory relief, NAFCU is hoping
that more regulatory relief will follow as it continues to lobby congress for a legislative fix.
Currently, the Gramm–Leach–Bliley Act

Marketing Proposal For Consumers Professional Credit Union
This marketing proposal, designed by Justin Ellenwood is created exclusively for use by Consumers
Professional Credit Union.
Introduction
Consumers Professional Credit Union (CPCU) will be creating a new product and a new service to
go along with this product. The product will be a credit card reader for any mobile device. To
enhance this product a mobile application will also be created. This application will be a free
application, which charges a fee per transaction. However, there will be a premium option that will
waive the transaction fee, as well as gain some enhanced features.
It was determined that a credit card reader and mobile application would be a good fit for CPCU by
researching the current options, the Canadian market, and if there is a need. First, the most known
credit card reader was looked at. This would be Square and it currently operates in Canada, Japan,
Australia, and United States (Square Office Locations, n.d.). According to Cocotas (2012) in 2012,
Square revealed that it was processing payments totaling roughly $11 million a day, a $2 billion
increase from the previous year.
So there is defiantly a market for credit card readers and mobile applications, but why consider
Canada? Canada has a mobile readiness score of 42.0, which is the second highest behind Singapore
(Mobile Payments Readiness Index, n.d.). "According to the MasterCard Mobile Payments
Readiness Index, Canada, like the United States, is very strong in propensity and usage in

Credit Unions
Why Credit Unions Are Good for Their Communities Credit unions operate much like corporate
banks in that they allow individuals to open a checking and savings account, offer loans and credit
cards to such individuals, and have all the financial products as a traditional bank.
However, unlike banks, credit unions are non–profit cooperative associations owned by their
depositors rather than stockholders. Because of this, credit unions, such as Members Heritage, make
their members a top priority. Rather than focusing on profit like many corporate banks do, these
credit unions emphasize on their members and, as a result, offer the top customer service to
guarantee their members' satisfaction. Credit unions do not see their members are account ... Show
more content on Helpwriting.net ...
That is why many credit unions offer financial literacy courses and training which benefit the
community by promoting financial independence in both individuals and businesses. These
customizable courses are offered online, in–person, or even multilingual to suit members' needs,
making them more accessible and, therefore, more used. However, credit unions support does not
always stay within one community. For example, many credit unions reach out and offer
scholarships and grants to local students in the attempt to assist them with college payments–an
increasing problem for recent students. These scholarships and grants allow local students to pursue
a career or interest that may later be used to benefit their community or, on a larger scale, their state
or country.
Credit unions also understand the importance of money management and financial literacy in our
youth. To promote this, credit unions set up student credit unions, such as Generations Federal
Credit Union's No Suckers Here program, within schools and universities. These programs' mission
is to teach students about finances at an early age, thus preparing them for later financial situations
in their lives. Without this knowledge, a community's youth would be completely ignorant of how to
handle finances, but with credit unions' aid, they are better prepared young adults who can
contribute to their community with peace of mind and

Financial Advisors Within The Credit Union Environment
Financial Advisors within the credit union environment have a unique situation. This section details
items Advisors need to know, understand and utilize when in the credit union environment. Several
important guidelines must be followed:
1. All broker/dealer activities must be handled by registered personal only. Non–registered personnel
may assist in clearly defined administrative duties, and no others.
2. All securities–related incoming mail must be handled by a person who has been fingerprinted and
is an associated person with FINRA through Navy Federal Brokerage Services, LLC. S/he must be
fingerprinted, complete a portion of Form U–4 for registration as an associated person with FINRA
through Navy Federal Brokerage Services, LLC and submit these documents to the Licensing &
Contracting Department. S/he must be trained to identify customer complaints, securities, and
customer funds that arrive by mail. This is a FINRA requirement, to ensure that those who handle
incoming customer correspondence have passed a thorough background investigation by the firm
and are properly trained. While the associate may be bonded by the credit union, s/he must still
submit copies of their fingerprint cards with a portion of Form U–4 to Navy Federal Brokerage
Services, LLC for FINRA registration as an associated person of the firm. Contact the NFBS
Compliance Department for additional information.
3. Customers must be advised that investments sold by a Navy Federal Brokerage Services, LLC

Case Study Of Carolinas Telco Federal Credit Union
Members of Carolinas Telco Federal Credit Union have access to a variety of share accounts
designed to help them reach their financial goals. These feature–rich accounts provide our members
with the same convenience and functionality they would expect from a bank, but better!
All of our share accounts have the following features:
 Dividends are calculated on the Average Daily Balance and paid monthly (dividend rates are
determined by the board of directors each month)
 Funds on non–IRA deposits are aggregately federally insured up to $250,000.00 by the NCUA
 Statements are mailed quarterly (without checking), or monthly (with checking)
 No monthly service charges
 Flexible deposit methods through utilization of branch offices, payroll ... Show more content on
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An insured dividend paying account that may be opened with a minimum amount and may be added
to or withdrawn from as the member so chooses.
What it Does
 Allows the member to earn dividends, while permitting immediate access to funds.
 Provides [Overdraft Protection] for [Share Draft Checking] accounts.
 Establishes an individual's membership with the Credit Union.
 Once membership is established, the member is eligible for all other Credit Union products &
services.
Who is Eligible?
 Employees, independent contractors, or self–employed persons, who work regularly in the
Telecommunications Services Industry in North Carolina or South Carolina.
 In addition, members can also sponsor their immediate family and household members to join.
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