Banks or credit unions?
Sunday August 3, 2008
The main difference between banks and credit unions is ownership.
Credit unions are owned and controlled by its members, providing a place to borrow and save money at affordable rates. Credit unions offer similar services as banks do, but a credit union does not usually have the assets that banks do. Credit unions often have millions of assets while banks have billions.
Banks are owned by shareholders who want to see a profit returned on their investments. Their primary objective is to act as a payment agent for customers to borrow and lend money. Banks usually have more money to offer as they have more invested in assets.
Credit unions and banks both offer credit cards. Compare credit cards from both banks and credit unions to find out which one suits you best.
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