Financial Institutions

Find out the Services & Benefits of each

Commercial Banks

Accepts deposits

For profit

Open to anyone who wants to use a depository account

Offer numerous financial services

Usually the largest depository institution

Convenient (direct deposit)

Direct Representatives to help with financial goals

Retirement account management

Discounts on merchant service fees

Number of locations in major cities

Immense Resources

Credit Unions

Not-for-profit (owned by members)

Have membership qualifications to ensure members share a "common bond"

Offer many services, but not usually as many as a bank

Are often able to pay higher interest rates and charge lower fees

Lower loan rates than commercial banks

Belong to ATM networks that allow you to make FREE withdrawals from your account at thousands of locations nationwide

Account holders are equal shareholders of the organization (individual votes)

Collaboration is common between credit unions

Profits returned to account holders as lower loan rates, higher savings rates, and lower fees

Free financial education