Question

What is a major difference between retail banks and credit unions? Retail banks only serve businesses, while credit unions only serve individuals. Retail banks operate in order to earn profit, while credit unions are nonprofit. Retail banks only have small local branches, while credit unions are nationwide. Retail banks manage a person’s money, while credit unions focus on providing loans.

Answer 1

Retail banks operate in order to earn profit, while credit unions are nonprofit

Explanation:

• A retail bank is a bank which works with customers and provide basic banking services, including savings accounts, loans, and checking accounts.
• A credit cooperative is a member-owned, member-controlled financial cooperative working on the philosophy of supporting people and giving credit at reasonable prices as well as other financial services.
• Banks are profitable institutions and credit unions are non-profit entities. Credit unions generally offer better customer service and fees, but interest rates are high. However, banking has lower interest rates and higher charges. Banks have higher costs, but more flexibility in terms of location, mobile access,  technical effectiveness, and reward programs, on the other hand.

Answer 2

Answer:

its B

Explanation:

edge2020