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30 March, 04:00

What is the main difference between credit unions and banks?

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  1. 30 March, 05:47
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    Banks are for profits; Credit unions are non-profit organizations.

    Explanation:

    The main difference between credit unions and banks is that while credit unions are non-profit making institutions, banks are for profits.

    Credit unions, in general, have better customer service than banks. They charge lower transaction fees but have higher interest rates.

    Banks have higher transaction fees but lower interest rates compared to credit unions. Due to their profit motives, banks will offer more convenience. They have more branches to cover different locations. They offer a wider range of products and services and operate on advanced technology.
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