What is the difference between a credit union and a bank?

The main difference between a credit union and a bank is the way they are owned and operated. A bank is a for-profit financial institution that is usually publicly traded and owned by shareholders. Banks are often large and offer a variety of services such as loans, investments, and checking and savings accounts. A credit union is a non-profit financial institution and is owned by its members. Credit unions offer similar services to banks, but at a lower cost. Credit unions also differ from banks because they are generally much smaller, often not-for-profit, and have a focus on providing services to the community. Credit unions are often set up to serve a specific group of people or a certain geographical area. They often offer fewer services than banks, but their members benefit from lower interest rates on loans and higher returns on savings. Overall, the main difference between a credit union and a bank is in the ownership structure and the focus of the institution. Banks are usually larger, offer more services, are publicly traded, and are owned by shareholders, while credit unions are smaller, have a focus on serving a specific group of people, and are owned by members.

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What is the difference between a credit union and a bank?

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