Perhaps credit unions should concentrate on what they do best and sell what they have been doing for years. They are not like banks. They are like banks. Does anyone really care what they are or are not as long as they are providing the best financial services available?
Actually, not making money is "non-profit" and "not for profit" is a different matter. The profit of a credit union gets distributed among the members. A profit in a bank world get distributed among the shareholders. Both banks and credit unions better have a positive earnings to distribute. I figure that most banks should keep there profits a low as possible providing only for necessary expenses, reserves and dividends to avoid unnecessary contributions to the Treasury!
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Is there really?
Perhaps credit unions should concentrate on what they do best and sell what they have been doing for years. They are not like banks. They are like banks. Does anyone really care what they are or are not as long as they are providing the best financial services available?
Yes, there is a real difference ...Can you name one commercial bank which purposefully operates on a not for profit basis?
(According to the FDIC, last qtr. 9.1% of banks were accidentally operating on a "not for profit" basis!)
Actually, not making money is "non-profit" and "not for profit" is a different matter. The profit of a credit union gets distributed among the members. A profit in a bank world get distributed among the shareholders. Both banks and credit unions better have a positive earnings to distribute. I figure that most banks should keep there profits a low as possible providing only for necessary expenses, reserves and dividends to avoid unnecessary contributions to the Treasury!
"... not making money is "non-profit" and "not for profit" is different matter.... "different" did you say DIFFERENT???
Bingo! Say no more there is a "difference".....!!!!!
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