Yusra3
VIP Contributor
Credit unions and banks are two different types of financial institutions that offer different services.
Credit unions are community-based financial cooperatives that work to help people who don't have access to traditional banking services. Credit unions have been around since the early 1900s, but they weren't always called credit unions. they were called savings and loans associations (S&Ls). The name change occurred when the government began requiring all S&Ls to become federally insured depositories in 1970. Nowadays, credit unions serve as both a bank and a savings institution for their members.
Bank accounts are the most common type of account you'll find at a large bank branch, but they're not always the best choice for your financial needs. Some people prefer credit unions because they offer more competitive interest rates and fewer fees than banks do plus they don't charge as much interest on a savings account! Banks are owned by shareholders who want to earn a profit from their investments. Banks typically offer checking accounts, savings accounts, CDs (certificates of deposit), loans, mortgages and other services related to personal finance such as payroll processing or bill paying.
Credit unions are community-based financial cooperatives that work to help people who don't have access to traditional banking services. Credit unions have been around since the early 1900s, but they weren't always called credit unions. they were called savings and loans associations (S&Ls). The name change occurred when the government began requiring all S&Ls to become federally insured depositories in 1970. Nowadays, credit unions serve as both a bank and a savings institution for their members.
Bank accounts are the most common type of account you'll find at a large bank branch, but they're not always the best choice for your financial needs. Some people prefer credit unions because they offer more competitive interest rates and fewer fees than banks do plus they don't charge as much interest on a savings account! Banks are owned by shareholders who want to earn a profit from their investments. Banks typically offer checking accounts, savings accounts, CDs (certificates of deposit), loans, mortgages and other services related to personal finance such as payroll processing or bill paying.
