Final answer:
Banks are private and credit unions are nonprofit organizations owned by the people. - False
Step-by-step explanation:
Banks can be private or public entities, aiming for profit. In contrast, credit unions are nonprofit organizations owned by their members. Credit unions prioritize serving members' financial needs, often offering favorable terms. Both institutions provide financial services, but their ownership structure and goals differ, impacting their approach to banking.
Thus, banks are private financial institutions that are owned by shareholders and aim to make a profit. They offer a range of products and services such as checking and savings accounts, loans, and investments. On the other hand, credit unions are nonprofit organizations owned and operated by their members. They focus on providing financial services to their members, such as loans, savings accounts, and other banking products.