{"id":14367,"date":"2022-07-11T12:25:44","date_gmt":"2022-07-11T17:25:44","guid":{"rendered":"https:\/\/trueskycu.org\/?p=14367"},"modified":"2022-07-11T12:27:32","modified_gmt":"2022-07-11T17:27:32","slug":"whats-the-difference-between-a-credit-union-a-bank","status":"publish","type":"post","link":"https:\/\/clientweb.dev\/tscu\/whats-the-difference-between-a-credit-union-a-bank\/","title":{"rendered":"What\u2019s the Difference Between A Credit Union & A Bank?"},"content":{"rendered":"

What\u2019s the difference between a credit union<\/strong> and a bank<\/strong>? Nothing, they both store your money. Ha ha, just kidding! On the outside, credit unions and banks are very similar financial institutions<\/a> as far as structure goes. The biggest difference between a bank and a credit union is that a bank is for-profit whereas credit unions are non-for-profit. That right there makes credit unions better than banks. But, considering True Sky is a Credit Union, that\u2019s considered biased, so keep reading below to see BOTH pros and cons of credit unions vs banks.\u00a0<\/span><\/p>\n

What Is A Bank?<\/span><\/h2>\n

In simple terms, a bank is a financial institution that is licensed to accept deposits, make loans, and provide other financial services like finance management, currency exchange, safe deposit boxes, etc. \u201cBank\u201d is actually a general term that encompasses retail, commercial, corporate, and investment banks. In most countries, banks are regulated by the government or a central bank. For example, The Federal Reserve is one of the branches that helps regulate banks in the U.S. As you probably have guessed, banks are a very important part of our economy, providing services to consumers and businesses alike. The goal of a bank, much like your typical corporation, is to earn a profit for its owners. With that being said, banks charge more interest on loans and other debt they issue to borrowers as a way to keep the money supply going. Due to this unfortunate fact for the public, banks are typically larger, focusing on the steps necessary to grow their business rather than making their customers happy.\u00a0<\/span><\/p>\n

Pros of a bank<\/span><\/h3>\n