Re: pen fed seeks bigger return on fees
05-18-2009 07:16 AM
I understand a credit union - members are 'members' - they owns shares of the union.
What about a savings & loan (which is what USAA is, right?) and a mutual savings bank?
correct, a credit union is a cooperative financial institution that is owned and controlled by its members.a s&l or mutual bank has bank 'customers'. the bank customer runs the risk of his/ her interest being subverted by the goals and directives of the Board of Trustees.
EX (Amex, Chase, PSECU)
TU (Barclays, Discover, Walmart)