Anonymous ID: 85c027 Dec. 23, 2018, 3 p.m. No.4443201   ๐Ÿ—„๏ธ.is ๐Ÿ”—kun

>>4443146

 

At bottom, banks are for-profit enterprises, while credit unions are nonprofits. Credit unions in principle exist to serve a community of people tied by a โ€œbond of association,โ€ which may be based on location, employer, faith, membership in another organization, or other factors.

 

To serve its community, a credit union provides financial products on the most favorable terms it can afford to offer. This means that instead of offering accounts to customers and large dividends to a small group of owners, as banks do, credit unions offer small dividends โ€” and discounted loan rates and other benefits โ€” to a large group of members

 

Choosing between a bank and a credit union involves some tradeoffs. Credit unions generally provide better customer service than banks do, though the ratings for smaller banks are nearly as good. Credit unions also offer higher interest rates on deposits and lower rates on loans. Banks often adopt new technology and tools more quickly. Broad ATM and branch networks are the norm for big banks; credit unions keep up with large, cooperative networks of ATMs and shared branches.

 

https://www.nerdwallet.com/blog/banking/credit-unions-vs-banks/