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

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 persons money, while credit unions focus on providing loans.

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 persons money, while credit unions focus on providing loans.

Answer

Brief Explanations:

Retail banks are for - profit institutions aiming to make money for their shareholders. Credit unions are member - owned, nonprofit organizations that focus on providing financial services to their members at favorable terms.

Answer:

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