💰Banks are for-profit businesses, while credit unions are not-for-profit cooperatives.
🌐Banks typically have larger networks with more branches and ATMs, while credit unions are often community-focused.
📈Credit unions may offer better interest rates on loans and savings accounts.
💳Banks offer a wider range of services, including investment options, small business resources, and more.
💸Credit unions may have lower fees, such as maintenance fees, overdraft fees, and out-of-network ATM fees.
Are banks for-profit organizations?
—Yes, banks are for-profit businesses that use customers' money to make loans and generate profits.
Do credit unions have branches and ATMs?
—Yes, credit unions typically have their own branches and ATMs, often focused on specific communities or regions.
Which offers better interest rates, banks or credit unions?
—Credit unions may offer better interest rates on loans and savings accounts compared to banks.
Do banks offer more services than credit unions?
—Yes, banks generally offer a wider range of services, including investment options, small business resources, and more.
Do credit unions have lower fees than banks?
—Credit unions may have lower fees, such as maintenance fees, overdraft fees, and out-of-network ATM fees.
00:00Introduction to the differences between banks and credit unions.
03:58Explanation of banks as for-profit businesses that use customers' money to make loans.
06:20Description of credit unions as not-for-profit cooperatives owned by their members.
08:24Comparison of branches and ATMs, with banks having larger networks.
09:59Highlight of credit unions offering better interest rates on loans and savings accounts.
12:24Explanation of banks offering a wider range of services, including investment options and small business resources.
14:14Mention of credit unions having lower fees, such as maintenance fees and out-of-network ATM fees.
16:19Summary of factors to consider when choosing between banks and credit unions.
