Depository Institutions
The Basics
Intro
A Depository Institution is a valuable tool used to help you manage your money in a positive manner.
Commercial Bank
*for-profit
*offer services to both consumers and businesses
*generally the largest
*offer widest variety of services
*insured by FDIC
Credit Union
*owned by customers (a.k.a. members)
*membership qualifications
*non-profit
*exempt from Federal Income Tax
*higher interest rates
*insured by NCUA
General
Services offered:
*Transaction and savings tools
*Checking and savings accounts
*Credit
*Financial Advice
*Safe-deposit box
*Special Needs Payment Instruments
*Online banking, debit cards, mobile banking, ATMS, contactless payment
Fees charged:
*Overdraft
*ATM
*Minimum balance
Things to Consider When Choosing
*Fees charged
*Type of depository institution
*Location
*insurance offered
*Products and services offered
*Interest rates
*Features offered