credit-union

Vocabulary Word

Definition

A 'credit union' is a kind of banking institution that's owned and operated by its members. It's like a community where members pool their funds to provide each other loans and other financial services.

Examples in Different Contexts

In financial literacy programs, 'credit-unions' are highlighted as alternatives to traditional banks, focusing on financial education and member benefits. A financial literacy educator might discuss, 'Credit-unions often offer workshops and resources to help members make informed financial decisions and improve their credit scores.'

Practice Scenarios

Business

Scenario:

Our expansion plan needs funding. We could consider various financial institutions to receive the best possible terms.

Response:

Let's reach out to our local credit union to discuss their terms for business loans.

Marketing

Scenario:

Our new campaign needs to focus on the benefits our members enjoy. Emphasizing local impact and supported businesses could resonate with our community.

Response:

Highlighting how our credit union directly supports local businesses and families can be the cornerstone of our marketing campaign.