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23 September, 05:23

What is a major difference between retail banks and credit unions?

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  1. 23 September, 05:45
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    Retail banks operate in order to earn profit, while credit unions are nonprofit.
  2. 23 September, 05:52
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    The main difference between a retail bank and a credit union is that retail banks are for profit organizations while credit unions are non-profit organizations.

    Credit unions are usually owned by their members, and not by shareholders. While retail banks are usually owned by shareholders.

    Retail banks can service anyone, while credit unions only service their members.
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