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@goldengal Appreciate the reference. While I like MFCU’s goal, I don’t see how could they attract wealthy to put good chunk of their net worth with 0% return on investment. A more pragmatic financial approach should be adherent to Islamic banking, where bank would a partner with business or...

@goldengal Thanks for further explanation to help me better understand on credit unions. Now here are my confusions. 1) any fees based upon loan amount itself is “profit”, juts wrapped in a a name of “application fee”. Question is where does the credit union’s profit (application fee) go. Does...

@goldengal Appreciate the references. I am still confused. How lending $X and charging more than $X is permitted under a credit union, when it is not permitted under a conventional bank? Why do you assume banks make profit for single entity? I have no savings account in any bank in the US, but...

@goldengal Curious how this so called credit union is different from a conventional bank? Do they offer very low interest (or maybe termed as profit) rate than standard banks?