Banks are for-profit entities, which means that they are either privately owned or publicly traded. If a company is publicly traded it means that it has to answer to its stockholders. These are people who have shares in the company.
Credit Unions are non-profit institutions and so they have lower fees. However, they have higher interest rates if you want to borrow money. Also, there are not as many branches nationwide and ATMs are not widely available.
Banks on the other hand have lower interest rates but higher fees. There are locations across the nation and they have advanced technology for online banking services.
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