How is a credit union different from a retail bank?

A. Acredit union is a nondepository institution; a retail bank takes

customer's deposits.

B. A credit union and a retail bank are the same thing; there is no

difference between them.

C. A retail bank is "membership only", a credit union deals with the

general public

D. A credit union is a nonprofit entity; a commercial bank is a for-

profit entity

Question

Mathematics

Aditya

23 August, 23:48

How is a credit union different from a retail bank?

A. Acredit union is a nondepository institution; a retail bank takes

customer's deposits.

B. A credit union and a retail bank are the same thing; there is no

difference between them.

C. A retail bank is "membership only", a credit union deals with the

general public

D. A credit union is a nonprofit entity; a commercial bank is a for-

profit entity

+5

Answers (2)

Know the Answer?

Ryland Freeman · Answer 1

The answer is (D.) A credit union is a nonprofit entity; a commercial bank is a for-profit entity.

Step-by-step explanation:

While Credit unions are not-for-profit organizations that exist to serve their members Retail banks are for-profit organizations that exist to serve the general public. Just like retail banks, credit unions accept deposits, make loans and provide a wide array of other financial services, but mainly from registered members ... But as member-owned and cooperative institutions, credit unions provide a safe haven to members only to save and borrow at reasonable rates.

Vava · Answer 2

A. A credit union is a non-depository institution; a retail bank takes customer deposits.