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>
Answer:
new England journal of medicine
