QA › Economics › What type of financial institution typically has membership requirements?
Q

What type of financial institution typically has membership requirements?

A

A credit union is the type of financial organization that typically has requirements for membership. This is its main difference from other financial institutions such as a bank. Other than that, a credit union accepts deposits, provides loans and offers a wide spectrum of financial products and services. A credit union will only offer services to members of a particular group such as those with higher education, in the military or a specific professional organization.

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