Or did they really mean a Credit Union

Reader comment on: A Protest With Every Purchase

Submitted by Lyle (United States), Jul 22, 2013 15:22

Often the two are confused all be it the credit unions have a different insurance fund. However that is more likely, as credit unions tend to be mutual organizations, where the profit goes to the depositors directly. I would suspect one could organize a credit union, which also means a lot of the issues about for profit banks would not apply. In fact I believe part of the occupy movement's idea was to move accounts to credit unions, which of course the banks would love, as they lose money on accounts with smaller balances. Interestingly credit unions have a set up where many may share the same physical office. I wonder if some of the fee increases by the banks are designed to chase the money-losing customers away?

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