Credit Unions Vs Commercial Banks

Banks date back all the way to ancient times where merchants made grain loans to farmers and traders who carried goods between cities. Today they serve a similar purpose. A major event in banking history is the wall street crash that led to approximately 9,000 banks to close, resulting in the great depression that lasted from 1929 to 1939.

A commercial bank is a type of financial institution that provides services such as accepting deposits, making business loans, and offering basic investment products. Commercial banks are insured by the Federal Deposit Insurance Corporation . The FDIC is a united states government corporation created by the Glass-Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits

Savings and loan associations is one of today's leading sources of mortgage loans for homebuyers. They are often mutually held meaning that the depositors and borrowers are members with voting rights, and have the ability to direct the goals of the organization.

Credit unions are institutions that allow their members to make financial transactions similar to a traditional bank. But there are many differences between credit unions and regular banks. Some of these differences include, credit unions are nonprofit organizations where banks are for-profit organizations. Another differences is that a bank is controlled and operated by its stockholders where as a credit unions is controlled by a board of directors. Credit unions are insured by the National Credit Union Share Insurance Fund, which was established by congress in 1970.

A mutual savings bank is a financial institution chartered by a central or regional government, without capital stock, that is owned by its members who subscribe to a common fund. From this fund claims, loans, etc., are paid. Profits after deductions are shared between the members. The institution is intended to provide a safe place for individual members to save and to invest those savings in mortgages, loans, stocks, bonds and other securities and to share in any profits or losses that

If anyone tries to deposit your check after you’ve made this request, they will not receive any money. Banks usually charge a fee to flag a check. A normal fee for this request would be about 30$. This could be useful if you’ve written the wrong amount on the check.

Drive-up Service is when you can drive up to the side of the bank and make financial transactions without getting out of your car and entering the bank. Many banks are closing their drive-up services in result of increasing use of online banking.

Mail-in Services are services provided by banks and other financial institutions that allow you to deposit checks into your account by sending in by mail. This service is primarily used by people that own accounts in virtual banks. You can also use this service if you live too far away from your bank.

Because bank vaults are very safe and secure banks usually offer the use of safe deposit boxes. Safe deposit boxes are safes that are located either inside the bank’s vault or somewhere in the bank itself. You can rent a safe deposit box for a fee and be able to store valuable items such as gemstones, money, or important