Depository Institutions

Facts about banks and credit unions.

Commercial Banks

*Businesses made for Profit

*Insured by the FDIC ($250,000) per depositor

*Largest depository institutions and offer the most services

*They typically don't offer as high of interest rates on savings accounts

*They have more locations around the country for those who travel and many offer online banking where as many credit unions don't

Credit Unions

*Owned by members

*Insured by NCUA ($250,000) per depositor

*Smaller depository institutions that offer many services but not always as many as commercial banks

*Offer higher interest on savings accounts

*Since they're private and smaller, they many not always have many locations or online banking options, so travelers beware