Credit Union Membership
Credit Unions
Around the World
History of
Credit Unions
Credit Unions
vs Banks
Credit Union
Products
100
What is required for someone to qualify for membership in a credit union? a. A common bond with other members of the credit union b. A minimum deposit of $500 c. A commitment to remain a member for at least a year
a. A common bond with other members of the credit union
100
Credit Unions began in which country? a. United States b. Germany c. Nigeria
b. Germany
100
Credit Unions were established in the United States to help: a. small business owners b. the poor in urban areas c. stock brokers
b. the poor in urban areas
100
What makes credit unions different from banks? a. Credit Unions are not-for-profit b. Credit Unions give every member a credit card c. Credit Unions do not offer debit cards
a. Credit Unions are not-for-profit.
100
Credit unions offer a financial counseling service called: a. CU Save b. Healthy Finances c. Balance
c. Balance
200
What account is required at a credit union? a. Checking account b. Credit card c. Savings account
c. Savings account
200
The first credit union in North America was founded in: a. Quebec b. New York City c. Montreal
a. Quebec
200
Under which U.S. president was the Federal Credit Union Act passed? a. Herbert Hoover b. Franklin Roosevelt c. Harry Truman
b. Franklin Roosevelt
200
Banks use their profits to pay out stock holders. What happens to the profits made by a credit union? a. They are reinvested in the institution or paid to members b. They are paid to stock holders c. Nothing; there are no profits
a. They are reinvested in the institution or paid to members
200
How much do credit unions charge to attend an educational seminar? a. nothing b. $10 per attendee c. depends on the cost of lunch
a. nothing
300
How long do credit union members have to wait to apply for a loan or take advantage of other benefits? a. 6 months b. There is no waiting period c. Members have to be invited to apply for new products
b. There is no waiting period
300
Approximately how many members do credit unions have worldwide? a. 2.3 million b. 96 million c. 172 million
c. 172 million
300
What Government agency insures the money held at a credit union so that it can't be lost in case of a catastrophic vent? a. FDIC b. NCUA c. IRS
a. NCUA
300
At a bank, a member is considered a customer. What is a member considered at a credit union? a. owner b. customer c. client
a. owner
300
What is the most popular type of loan taken out at a credit union? a. car loan b. mortgage c. student loan
a. car loan
400
You need a valid ID to join a credit union. One type of a valid ID is: a. social security card b. driver's license c. student ID
b. driver's license
400
How many credit union branches are linked worldwide in the Share Branching network? a. 46,000 b. 152,000 c. 100
a. 46,000
400
Credit unions in the United States were established to fight against: a. the government b. loan sharks c. banks
b. loan sharks
400
What is the primary complaint about credit unions from the banking industry? a. unsafe investment in the stock market b. too difficult for bank customers to payoff loans at a credit union c. competition because credit unions offer lower interest rates on loans
c. competition because credit unions offer lower interest rates on loans
400
Credit unions can save members money when they purchase a house and take out a mortgage because: a. They have lower closing costs than a bank b. They have less paperwork to pay for c. They pay their employees less
a. They have lower closing costs than a bank
500
A CCCU member must maintain a balance of: a. $500 b. $50 c. $5
c. $5
500
What country in the world boasts the largest percentage of credit union members? a. Jamaica b. France c. Japan
a. Jamaica
500
The first credit union in the United States is located in: a. Alaska b. Hawaii c. New Hampshire
c. New Hampshire
500
The average interest rate charged on a credit card at a bank is 15.5%. What is the average interest rate charged on a credit union credit card? a. 8.9% b. 12.15% c. 18%
b. 12.15%
500
Credit unions save members money when purchasing a new car by offering: a. A gift card for oil changes b. Fleet prices on vehicles c. Coupons
b. Fleet prices on vehicles
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