Bank and Credit Union

 BankCredit Union
History:Letters of credit used in the 3rd century. Muslims used banking services in the 9th century. 12th century archeological finds include cheques.Credit unions are relatively newer as compared to banks because the earliest known evidence of their existence dates back to 1852.
Owned by:Banks are owned by shareholders.A Credit Union is owned by its members, who are depositors of money in the institution.
Profit motive:Banks aim to make a profit for share holders.Credit unions are not for profit. Any money left over after expenses and reserves is passed back to customers (members) in the form of lower fees, lower loan rates, higher deposit yields and free services.
Types:Commercial bank, community bank, community development banks, savings bank, postal savings bank and private banksConsumer credit unions & corporate credit unions.

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