Describe the similar services provided by banks and credit unions. How do these two institutions differ in their philosophy and the types of projects they each finance? (Site 1)

Both Banks and Credit Unions are similar in that they provide much needed financial support to customers. However, there are key difference in how they operate

Explanation:

Banks are for-profit organisations that are set up under legal jurisdictions to provide numerous services including loans, mortgages, credit card services and much more.

Credit Unions, however are non-profit organisations. They are set up and owned by their members and each member even gets a share of the profits.

Hence, their aim is to help members and not just make a profit from every deal.

On the other hand, banks are answerable to shareholders and each deal is based upon the risk and profit it could bring in. Also, banks provide far more  products and services to their customers.  

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