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