The difference between banks and credit unions comes down to structure and product offerings. Banks are for-profit institutions that offer a wide variety of offerings and services that are convenient and easily accessible.
Credit unions, on the other hand, are member-owned nonprofit organizations that typically boast more personalized customer service and lower fees and loan interest rates. However, they may offer fewer services and physical locations.
The biggest difference between banks and credit unions lies in the fundamentals of the way they’re structured.
Advantages of a bank
Banks are for-profit companies and usually part of a larger nationwide organization. This means they may have more locations and be standardized and consistent across all of them. They also offer a greater variety of financial products and services, and in some cases, a more…