Senior Contributor
Posts: 3,765
Registered: ‎01-10-2008
Re: pen fed seeks bigger return on fees

pjohnston2 wrote:

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.
EQ (DCU, Citi, PenFed)
EX (Amex, Chase, PSECU)
TU (Barclays, Discover, Walmart)