Banking

Banking consists of the products and services people use every day, including financial institutions such as lenders or credit unions. It also includes an array of financial services such as cashing checks, borrowing, loaning, buying, selling and investing. Whether you’ve been putting your money in a high-yield savings account or in a piggy bank, you’ve been banking.

Not all banking is created equal, and the right financial choices aren’t always the obvious ones. GOBankingRates was created to help you make informed financial decisions.

No matter how big or small the denominations are, the way people bank greatly influences the economy — by paying for or investing in goods and services, people’s banking choices determine supply and demand, drive commerce, and decide market value. Whether you’re choosing the best bank or learning how to set up direct deposit, GOBankingRates is here to help.

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The Difference Between Banks and Credit Unions

Both operate on similar terms with some differences. Banks and credit unions are financial institutions where deposit and loan products can be obtained. Because national banks are bigger than credit unions, they have the financial backing to offer higher interest rates, better customer incentives, and more branch locations. Credit unions, on the other hand, are nonprofit cooperatives where account holding members become shareholders in the organization. So while a credit union may be smaller in scope than a great deal of banks, customers have more stake, or share, in the organization’s financial future.

With both types of banking establishments, all deposits up to $250,000 are insured under federal law — for banks, the insuring agency is the Federal Deposit Insurance Corporation (FDIC), and for credit unions, the National Credit Union Administration (NCUA).

 

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

Comments

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