One major characteristic of credit unions and thrift societies is that?

Credit unions and thrift societies have a major characteristic, which is that the contribution of every member depends on the member's ability. This means that each member contributes to the union or society based on their own financial capabilities.

For example, if a member has a higher income, they may contribute more money to the union or society, while a member with a lower income may contribute less. This allows for a fair distribution of financial responsibilities among the members.

It is important to note that credit unions and thrift societies are different from other types of financial institutions, such as banks. While banks focus on making profits, credit unions and thrift societies prioritize the financial well-being of their members.

To become a member of a credit union or thrift society, individuals usually need to meet certain criteria, such as working in a specific industry or living in a particular area. However, it is not compulsory for all members to be in the same line of business, as stated in option B.

Additionally, the legal processes involved in the formation of credit unions and thrift societies are not necessarily rigid, as mentioned in option A. The formation requirements can vary depending on the country or region.

Therefore, the correct answer is option C: the contribution of every member depends on the member's ability. This characteristic ensures that members contribute an amount that is suitable for their financial situation.

Overall, credit unions and thrift societies provide a way for individuals with similar financial goals and needs to come together and support each other financially. They promote financial inclusivity and help members achieve their financial objectives.