How are credit unions and savings and loans different from commercial banks and finance companies?

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asked Nov 18, 2018 153k views

2 Answers

William Edmondson · Answer 1 · 2018-11-23T05:04:48+0000

Credit unions are not-for-profit financial cooperatives, whose earnings are paid back to members in the form of higher savings rates and lower loan rates. Banks are for-profit corporations, with declared earnings paid to stockholders only.

How are credit unions and savings and loans different from commercial banks and finance companies?

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