Enrichment Assignment

By: Savanna Sprinkle

Commercial Banks

- Are for‐profit depository businesses that offer financial services to both consumers and other businesses.

- 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.

Credit Union

- Credit unions are depository institutions that offer many banking services.

- 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