4 minutes
- Credit unions are nonprofit organizations owned by members, while banks are for-profit entities.
- Credit unions may offer better rates and loan terms due to their nonprofit structure.
- Customer service at credit unions is generally rated higher than at commercial banks, but online banks are also competitive in this aspect.
- Share certificates from credit unions are similar to savings or money market accounts from banks, with differences mainly in terminology.
- While credit unions may lag behind banks in technology adoption, they are catching up with online banking platforms.
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