Posted on: 24th Apr, 2013 12:32 am
How is credit union different from bank. Which one is more like financial services?
Hi Kristy,
It should be noted here that there are various similarities between a credit union and a bank. Both of them are known to offer checking and savings accounts, financial products like CDs and specialized accounts, etc. But there are various differences between the two. The credit union members are more involved in the organization than that of banks. Unlike banks, in case of credit unions, when you deposit your money, you're in turn buying shares of the company.
Thanks
It should be noted here that there are various similarities between a credit union and a bank. Both of them are known to offer checking and savings accounts, financial products like CDs and specialized accounts, etc. But there are various differences between the two. The credit union members are more involved in the organization than that of banks. Unlike banks, in case of credit unions, when you deposit your money, you're in turn buying shares of the company.
Thanks
Hi Kristy!
Welcome to the forums!
It should also be noted that credit unions are not operated for profit, which means the concerns and scary decisions of larger banks never even come up. But again as credit unions are localized in nature, you will have to visit the local branch in order to collect your money.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
It should also be noted that credit unions are not operated for profit, which means the concerns and scary decisions of larger banks never even come up. But again as credit unions are localized in nature, you will have to visit the local branch in order to collect your money.
Feel free to ask if you've further queries.
Sussane