Question

Please help meeee!!!!!

How are credit unions and banks different? *
4 points
Typically, deposits at a bank are insured, but deposits at a credit union are not
Banks charge overdraft fees, but credit unions do not
Banks are owned by shareholders, while credit unions are owned by members
Banks allow customers to do online banking, while credit unions are too small to provide that service

Answer 1

Banks are owned by shareholders, while credit unions are owned by members

Step-by-step explanation:

Banks are financial institutions established by the founders to make profits. Due to their capital requirements, banks are large corporations owned by the private sector or government. Like other corporations, the owners of a bank are its shareholders.

Large organizations form credit unions to cater to their employees well being. Credit unions are not for profit organizations since they are formed to cater to its members' well beings. It means membership to the credit union is limited to the founding organization's employees unless otherwise stated. The members of the credit unions are its owners.