BANKING AFFAIRS

Detailed explanation-1: -Like banks, credit unions accept deposits, make loans and provide a wide array of other financial services. But as member-owned and cooperative institutions, credit unions provide a safe place to save and borrow at reasonable rates.

Detailed explanation-2: -While some financial institutions focus on providing services and accounts for the general public, others are more likely to serve only certain consumers with more specialized offerings.

Detailed explanation-3: -Differences Between Credit Unions & Banks Since credit unions are member-driven and not for profit, members receive higher interest rates on savings, lower rates on loans and lower fees.

Detailed explanation-4: -Banks and credit unions both offer a number of financial products, including savings accounts and certificates of deposit (CDs). The main difference between the two is that banks are typically for-profit institutions while credit unions are not-for-profit and distribute their profits among its members.

Detailed explanation-5: -Credit Union. Banks and credit unions both offer financial products such as checking accounts, savings accounts, CDs and loans. However, credit unions tend to offer better interest rates than banks, while banks are likely to have a wider range of products and more convenient services.