How is the “Navy Federal Credit Union” different from others?
In: Economics
Different from other credit unions, you mean? Or different from banks?
If the former, then it’s a matter of membership. All credit unions have certain membership requirements. In this case, it’s for people who are, or have been, in the navy. They may allow some others to join, as long as they have some association with the navy. You’ll have to check their requirements.
If the latter, credit unions are non-profit organisations that operate similar to banks (which are run for profit). The benefits are that credit unions typically offer better interest rates on savings, and easier/better loans. Disadvantages are that they’re typically local or have fewer outlets (than major banks).
Latest Answers