By: Savanna Sprinkle
- Offer invoicing services, with personalized invoices, and can set up transfers to other banks which will simplify accounting procedures.
- Are usually the largest depository institutions and offer the widest variety of services to customers.
- Many commercial banking divisions focus on lending money to help businesses stay afloat.
- Commercial banking allows you to set up direct deposits for your employees as well as for any invoices you need to pay to others, which will save you time.
- Unlike banks, they are owned by their customers, who are usually called members.
- Has membership qualifications that require its members share a common bond such as the same employer.
- Credit unions are non‐profit organizations exempt from federal income tax.
- Are often able to pay higher interest rates and charge lower fees