Credit Unions
FACT FILE
redit unions differ from Banks and other financial institutions, in that the members who have accounts in the Credit Union are the owners of the Credit Union. They elect their board of directors in a democratic one-person-onevote system, regardless of the amount of money one has invested in the Credit Union. Generally speaking, Credit Unions see themselves as of "higher moral ground" than Banks as they feel that they are "communityoriented", and "serve people, not profit". Surveys of customers at Banks and
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Credit Unions have consistently shown a significantly higher customer satisfaction rate with the quality of service at Credit Unions. Credit Unions offer many of the same financial services as Banks, often using a different terminology. Only a member of a Credit Union may deposit money with the Credit Union, or borrow money from it. As such, Credit Unions have historically marketed themselves as providing superior member service and being committed to helping
members improve their financial health. In the microfinance context, Credit Unions provide a broader range of loan and savings products, at a much cheaper cost, to their members, than do most microfinance institutions. Credit Unions in Grenada currently offer the best rates of interest on savings, fixed deposits and cd’s of any of the financial institutions. To become a member of a Credit Union in Grenada, one has to be a national, citizen or resident of Grenada.
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