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Credit Unions
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Banks
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Are not-for-profit institutions
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Are profit-oriented institutions
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Can serve only those individuals within their field of membership
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Can serve anyone in the general public
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Have members, each person who deposits money has a share of ownership
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Have customers with no ownership in the organization
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Members elect a volunteer Board of Directors to represent their interests
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Have a paid Board of Directors who represent the owners; customers do not have voting privileges
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Democratically controlled by members
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Controlled by stockholders and paid officials
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Are member service-driven
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Are profit-driven
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Return profits to members in the form of lower loan rates, higher savings rates and free or low cost services.
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Return profits to a small group of stockholders
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Are federally insured by the National Credit Union Administration
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Are federally insured by the Federal Deposit Insurance Corporation
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