4. Credit Unions differ from retail banks in that they typically require membership based on specific criteria. True False 5. With certificates of deposit (CDs), you have to pay a penalty for __ Withdrawing your money early Depositing money into the account Creating a savings account Using an ATM

Question

4. Credit Unions differ from retail banks in that they typically require membership based on specific criteria. True False 5. With certificates of deposit (CDs), you have to pay a penalty for __ Withdrawing your money early Depositing money into the account Creating a savings account Using an ATM

Answer 1

4. True5. Withdrawing your money early

Answer 2

4. Credit unions do indeed have different regulations compared to retail banks. They are nonprofit money cooperatives where members can borrow from pooled deposits at a low interest rate. Joining requirements for credit unions may be based on locations, profession, and organizations the individual is connected to.5. A Certificate of Deposit (CD) is a time deposit, a financial product commonly sold by banks, thrift institutions, and credit unions. CDs differ from savings accounts in that they have a specific, fixed term, and usually a fixed interest rate. The financial institutions generally allow renegotiation of rate only at the end of the maturity period. If funds are withdrawn before the maturity date, a penalty may be charged.

Question

4. Credit Unions differ from retail banks in that they typically require membership based on specific criteria. True False 5. With certificates of deposit (CDs), you have to pay a penalty for __ Withdrawing your money early Depositing money into the account Creating a savings account Using an ATM

Answer

Answer

Explanation