Question

How are credit unions different from banks?

Answer 1

Answer:

  (c)  Credit unions are nonprofit financial institutions

Step-by-step explanation:

A bank is a financial institution owned by stockholders. It has the intention of making a profit, a portion of which benefits the stockholders. A full-service bank offers loans (at interest), savings and checking accounts, credit and debit cards, and access to ATMs. It may also offer safe deposit boxes. Fees may be charged for any or all of these services.

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A credit union is a non-profit financial institution. It is owned by its members, who obtain the benefit of lower fees for services. A full-service credit union offers loans (at interest), savings and checking accounts, and credit and debit cards. It will generally offer access to one or more networks of ATMs. Many of these services are free to members.

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Banks and credit unions are subject to different regulatory requirements.