Financial Institution Decisions
Which one is best for you?
Commercial banks are very big and offer a wide variety of services to their customers. Commercial banks are insured by the FDIC which means that if your money is lost or stolen, they can give you up to $250,000 back. They also offer online banking and multiple ATM locations. You have no minimum fee limitation.
Credit Unions are owned by their members. Members have to be employed by the state. They are non-profit organizations that are exempt from federal income tax. This allows them to pay lower interests rates on loans and charge lower fees. You have to have a minimum of $10 in your bank.