By: Austin Weber

Commercial banks

  1. For‐profit depository businesses
  2. Offer financial services to both consumers and other businesses
  3. largest depository institution
  4. offer the widest variety of services to customers
  5. Anyone can open and account

Credit Union

  1. owned by their customers
  2. has membership qualification that require its members share a common bond such as the same employer, the geographic area in which they live or membership in an organization.
  3. are non‐profit organizations
  4. exempt from federal income tax
  5. allows them to pay higher interest rates on deposits, charge lower interest rates on loans and charge lower fees