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Vitek1552 [10]
4 years ago
12

What are the main differences between credit unions, banks and life insurance companies in how they serve the financial system?

Social Studies
1 answer:
Ede4ka [16]4 years ago
8 0
While banks and credit unions are both financial institutions that offer similar services (checking and savings accounts<span>, auto loans, and mortgages), the main difference between a bank and a credit union is that "customers" of a credit union are members, and they own the institution. A </span>bank<span> is a company, and like most companies, a bank aims to maximize profits for its </span>shareholders<span>. A </span>credit union<span> is a </span>cooperative<span> — and often not-for-profit — institution that is owned by its members (customers) who democratically elect a board of directors. Credit unions tend to focus on members' needs and attempt to provide credit at reasonable rates. There are </span>pros and cons<span> to participating in either financial institution.</span>
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