What is the diffrence between a bank and a credit union??

Answer 1

Bank refers to a private or public entity dealing with financial transactions which are as per the banking rules of the country or the Central bank/currency board/reserve bank, etc.

While the Credit union is exclusively a private concern with a number of its members and having their own rules and regulations but also approved by the Central bank/currency board/reserve bank, etc.

Answer 2

Credit Unions usually offer better rates and opprotunities for people with "smaller funds" where as big bank corporations have more play with rates for people with a higher dollar. I also believe that you receive better service with a credit union. Being a member myself, I know first hand that I have a more personal relationship with my credit union, than any bank I have ever belonged to.

Answer 3

Separate set of governing laws
Different limits and lending procedures

A credit union is member-owned. A bank is either privately owned or is a public company that issues stock.

Answer 4

Banks are for-profit, while credit unions are not-for-profit. Credit unions are there to serve their members, so they try to give you the lowest possible rates on loans, and in most cases they can give you the lowest.

Answer 5

Banks are owned via shareholders, who purchase organization inventory. they choose no longer be purchasers of the economic business enterprise. CU are owned via its contributors, who ought to have deposits. besides, purely specific training of persons might become vendors of the CU (e.g., people who artwork at a undeniable organization, or people who stay in a undeniable community)