Question

How is a credit union different from a retail bank

Answer 1

Credit unions are not-for-profit financial cooperatives. Whose earnings are paid back to members in the form of higher saving rates and lower loan rates.Banks are for profit businesses with earning paid to stockholders only.

Answer 2

Credit union: Nonprofit making institution

Retail bank: profit making institutions

Step-by-step explanation:

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.