Credit Unions Offer Solid Bank Alternative: "
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NEW YORK (TheStreet) -- With banks looking to replace lost fee revenue as new regulations eat into profits, consumers considering credit unions for higher rates and lower fees need to keep deposit insurance in mind.
Credit union deposits are called shares, since credit unions are owned by their members and governed by volunteer directors elected by the members.
Since a credit unions is operated as a not-for-profit organization and has a lower expense base than a bank, capital generated beyond what is required to keep the credit union in sound condition, is returned to the members in the form of higher rates on shares, lower rates on loans, or lower service fees.
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