credit unions are nonprofit financial institutions
Credit union: Nonprofit making institution
Retail bank: profit making institutions
Credit unions are mainly nonprofit making institutions that gives back earnings back to it's members in a form of saving rates.
Retail banks are financial making institutions that gives back its earnings back to customers with accumulated interests.
Credit Union : Credit union is a member-owned financial cooperative, controlled by its members and operated on the principle of people helping people, providing its members credit at competitive rates and other financial services.
Retail banking : Retail banking, also known as consumer banking is the provision of services by a bank to general public.
Hence, credit unions differ from retail banks because they are owned by their members.
answer is owned by their members.
A. Owned by their members
Credit unions are a type of financial institution formed by a group of people to provide financial services exclusively to their members. In credit unions, members find the main services available at banks, such as checking accounts, financial applications, credit cards, loans and financing. The main difference is that in credit unions, members are both owners and users, that is, they participate in the management and enjoy the products and services.
A. A credit union is a non-depository institution; a retail bank takes customer deposits.
A credit union is a nonprofit entity,and a retail bank is a for-profit entity
A (Savings and loan associations and credit unions traditionally catered individuals will commercial banks offered a full range of services to businesses and individuals.Savings and loan associations and credit unions traditionally catered individuals will commercial banks offered a full range of services to businesses and individuals.)
i took the test
A: owned by their members.