Banks and credit unions primarily offer the same services to customers and members. Both are designed to provide money management (such as checking and savings accounts), loan services, and other financial services whatismyreferer. The differences stem from the organization, classification and regulation surrounding each type of financial institution. Banks are for-profit businesses that can be singly or publicly owned. Credit unions are, by definition, nonprofit institutions. They are collectively owned by union members, so no credit union can ever be a sole proprietorship.
The difference in classification has led to differences in regulations for the two types of institutions. Many of the rules that were instituted after the 2008 financial crisis were not applied to credit unions. Services at banks and credit unions might have different fees or interest rates attached to their services, and approval processes will vary. Credit unions, for example, may have requirements pertaining to who can be members of the credit union. For example, many credit unions limit membership to residents of the county where the credit union is located.
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Is it better to apply in person or online?
Rampenthal said that some banks do not offer the option of opening a business account online, either to reduce the risk of identity theft or due to the nature of certain businesses.
Banks that do offer the option of applying for a business bank account online may take more time to review your documents and set up the account than they would if you applied in person.
If the bank you choose offers both application options, you’ll need to decide which option (and trade-off) is more preferable: the convenience of applying online but waiting longer for your account to be set up or applying in person and having your account set up the same day.
Matt D’Angelo and Simone Johnson contributed to the reporting and writing in this article. Some interviews were conducted for a previous version of this article.