What is the difference between a bank and a credit union?
What is the difference between a bank and a credit union?
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Answer by mindcrime828
Banks are for profit financial institutions, while credit unions are non-profit. While they offer similar services, the ultimate goal for a bank is to earn a profit and provide a return to its investors. For credit unions, since they are a non-profit the goal is to serve its members with any profits being invested back into the credit union to provide better services. That is why fees are usually lower at credit unions than banks. However, banks usually have larger total assets which means they have the ability to provide a larger range of loan options, including business loans. Credit unions are usually only for personal banking. Also, while banks are governed by a board of directors that are elected by its stockholders, the board of a credit union is elected by its members (account holders).
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Malala Yousafzai speaks at World Bank headquarters on the International Day of the Girl
Image by World Bank Photo Collection
October 11, 2013 - Washington DC., 2013 World Bank / IMF Annual Meetings. A Conversation with Malala
Malala Yousafzai, the 16-year-old from Pakistan, spoke Friday at World Bank headquarters with World Bank Group President Jim Yong Kim, about her passionate fight for girls' education. A year ago, Malala was shot in the head by the Taliban as she was returning from school on a bus. Photo: Simone D. McCourtie / World Bank
Photo ID: 101113-JYK-MALALA094F
Orignal From: What is the difference between a bank and a credit union? and Malala Yousafzai speaks at World Bank headquarters on the International Day of the Girl
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