Question

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)

Answer 1

The answer below will get you a 100% because this is what the lesson on Edge says:

The similar services provided by banks and credit unions are checking and savings accounts that are insured by the U.S. government. These institutions differ in their philosophy and the types of projects they finance because banks are owned by investors who expect to earn a profit and credit unions are formed by people who share something in common and use it exclusively for their benefit.

Answer 2

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

Step-by-step 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.