Question

What is a major difference between banks and credit unions?

Banks seek to make a profit for shareholders; credit unions are nonprofit.

Banks are regulated by the Federal Deposit Insurance Corporation; there is no government oversight of credit unions.

Banks tend to allow only certain people as members; anyone can open an account at a credit union.

Banks charge fees for all of their services; credit unions do not charge fees.

Answer 1

The bottom line is that banks are for-profit institutions, while credit unions are non-profit. Credit unions typically brag better customer service and lower fees, but have higher interest rates. On the contrary, banks generally have lower interest rates and higher fees.

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