BANKING AFFAIRS

Detailed explanation-1: -Fewer fees and requirements: Credit unions tend to have lower costs and more flexibility than banks. For example, credit unions are more likely than banks to offer checking accounts without monthly maintenance fees or minimum balance requirements.

Detailed explanation-2: -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-3: -Credit unions operate to promote the well-being of their members. Profits made by credit unions are returned back to members in the form of reduced fees, higher savings rates and lower loan rates.

Detailed explanation-4: -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.