- Commercial banks are for-profit depository businesses. They offer financial services to both consumers and businesses.
- Some commercial banks offer online banking, this allows the customers to complete tasks, such as transactions. These tasks are completed from a secured Internet site that uses username and password from in anywhere as long as the Internet is accessible.
- Commercial banks are usually the largest of depository institutions. They offer the widest variety of services for their customers.
- Commercial banks allow credit card usage. This allows for the customer to borrow money from the institution in an exchange from promises to repay the funds with interest.
- Commercial banks offer other information, such as assistance and advice in regards to a variety of financial related topics.
- Credit unions are non-profit institutions free from federal income taxes.
- Credit unions offer many banking services. These institutions are owned by the customers, who are all members.
- Credit unions have membership qualifications, which state that its members must share a common bond such as having the same employers or being a member in an organization.
- Credit unions often pay higher interest rates on deposits and charge lower interest rates on loans and fees.
- Credit unions allow for members to use credit cards and have online systems that members can easily access accounts from.