Other institutions offer the services, but credit unions were the first to make them work. Whether helping members save for retirement or shop wisely, credit unions have a tradition of member education. Credit unions Offer seminars on topics such as buying a car or preparing for retirement Provide publications that promote ways to manage money and use credit wisely Counsel members to curb spending problems before they become serious, for example, by using spending plans Negotiate repayment schedules with a member's creditors in extreme cases A better way of checking. Because the costs of joining the check-clearing system were prohibitive for all but the largest credit unions, most credit unions chose to pay another institution to process their checks. To cut costs to pay maximum dividends, credit unions also began recording used checks on microfilm and destroying the paper originals.
Copies still are available if needed.
The cost savings allowed credit unions to offer high-earning share drafts with low annual fees and other costs. Technology and remote access. This page maintained by the Webmasters of U.S. Central Credit Union. Copyright 1999 U.S. Central Credit Union. All rights reserved.