 differences between a credit union and a bank. The primary distinction between a bank and a credit union is that banks are organizations that generate a profit and are controlled by their shareholders, whereas credit unions are organizations that do not generate a profit and are controlled by their members. Credit unions often focus on providing fundamental banking services such as checking and savings accounts as well as loans, whereas banks typically provide a wider variety of financial products and services, such as wealth management and venture capital services. Credit unions typically offer higher interest rates on deposits and lower interest rates on loans compared to banks, which give their services to consumers in exchange for a charge. Banks, on the other hand, offer their services to customers in exchange for a fee. In addition, credit unions tend to place a greater emphasis on serving the financial needs of their respective communities, whereas the primary objective of banks is to increase their profits. Which one do you prefer? Share your thoughts in the comments. Thanks for watching!