Types of Depository Institutions
Which is best for you?
A comercial bank is open to anyone! Commercial banks are a for-profit institution that offers many financial services. You do not have to have a membership to be a part of a commercial bank, And finally commercial banks are very secure, they offer secure networks and safety deposit boxes for important items.
A credit union is a non-profit institution. You need a member ship and to earn a membership you must have a common bond. On the plus side credit unions often offer higher interest rates and lower fees. On the down side credit unions usually don't offer as many services as a bank. Lastly much like Commercial banks, credit unions also offer secure networks and safety deposit boxes.