Answer:
Must be part of a specific member group to join . - CREDIT UNION.
Credit Unions require that you are a member of a member group to join as well as other entry requirements unlike a bank where the qualification rules are less stringent.
Profits are given to shareholders . - BANK.
A Bank is owned by its investors and shareholders so they will have to distribute profits to them unlike a Credit Union that is owned by its members.
Offer checking and savings accounts, CDs, loans . BOTH.
Both Credit Unions offer these financial products and accounts.
Deposits are insured up to $250,000 - BOTH.
Both of these types of Institutions are insured up to $250,000 by the United States Governments. Credit Unions are insured by the National Credit Union Share Insurance Fund (NCUSIF) and banks are insured by the FDIC (Federal Deposit Insurance Corporation).
Fees tend to be higher . BANKS.
Banks are for profit institutions so they will charge higher fees to make more profit for their investors.
Interest customers earn on deposits tends to be higher. - CREDIT UNIONS.
Credit Unions earn higher deposit interest for customers because they are not-for-profit so do not have to offer less rates to keep more money for their investors.
Bank, credit union, or both have been for each of the statements below:
Banks are financial institutions that have licenses to accept deposits from customers and provide loans when the conditions are met.
Credit Unions, on the other hand, are not operated for the purpose of making profits. They are formed by members who hold an agreement and their methods of operation are similar to the commercial banks.
In the given points above the similarities and differences between these two financial institutions are shown.
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