By Madison Deane
Here are some key points regarding commercial banks:
- A commercial bank is for profit.
- A commercial bank is open to anyone who wants to utilize a depository institution.
- A commercial bank offers numerous financial services.
- Commercial banks are usually the largest depository institutions.
- Commercial banks offer the widest variety of services to customers.
Here are some key points regarding credit unions:
- Credit unions are not for profit.
- Credit unions have member qualifications, members must share a "common bond."
- Credit unions offer many services but usually not as many as a bank.
- Credit unions are often able to pay higher interest rates and charge lower fees.
- Credit unions are exempt from federal income tax.
Citations (for the pictures)
McBarron, Charles. "Financial Security – Locked Cash." Illinois Education Association. N.p., n.d. Web. 15 Sept. 2016
Nov 21 2013 in Personal Finance by Guest Blogger. "The Ugly Undeniable Truths About Financial Security - Fiscal Today.". N.p., 2013. Web. 15 Sept. 2016.