3.5.1 Enrichment

Michaela Varnadore

Commercial Banks

  1. Commercial banks are for-profit depository businesses. They offer financial services to both consumers and businesses.
  2. 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.
  3. Commercial banks are usually the largest of depository institutions. They offer the widest variety of services for their customers.
  4. 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.
  5. Commercial banks offer other information, such as assistance and advice in regards to a variety of financial related topics.

Credit Union

  1. Credit unions are non-profit institutions free from federal income taxes.
  2. Credit unions offer many banking services. These institutions are owned by the customers, who are all members.
  3. 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.
  4. Credit unions often pay higher interest rates on deposits and charge lower interest rates on loans and fees.
  5. Credit unions allow for members to use credit cards and have online systems that members can easily access accounts from.