what is a major difference between retail banks and credit unions?\nretail banks only serve businesses…

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

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

Answer

Brief Explanations:

Retail banks are for - profit institutions aiming to make money for shareholders. Credit unions are member - owned, nonprofit organizations that focus on serving their members' financial needs.

Answer:

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