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Questions and Answers
What are some services offered by banks?
What are some services offered by banks?
Checking accounts, savings accounts, debit cards, credit cards, loans, check cashing, and money transfers.
What is the main requirement to join a credit union?
What is the main requirement to join a credit union?
To be part of a group that is allowed to join that credit union.
What is the primary purpose of a checking account?
What is the primary purpose of a checking account?
To keep money safe and be able to spend it without using cash, such as paying with a check or a debit card.
What is the function of a savings account?
What is the function of a savings account?
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What is the difference between a bank and a credit union?
What is the difference between a bank and a credit union?
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Study Notes
Banking Services
- Banks offer various services, including accepting deposits, making loans, and providing credit cards, debit cards, and online banking facilities.
Credit Unions
- To join a credit union, the main requirement is to share a common bond, such as working for a specific employer, belonging to a particular organization, or living in a specific area.
Checking Accounts
- The primary purpose of a checking account is to provide a convenient and flexible way to manage daily financial transactions, such as paying bills, depositing paychecks, and withdrawing cash.
Savings Accounts
- The function of a savings account is to provide a secure and liquid place to store money, earning interest over time, while allowing for limited withdrawals and deposits.
Banks vs. Credit Unions
- The main difference between a bank and a credit union is that a bank is a for-profit institution owned by shareholders, whereas a credit union is a not-for-profit cooperative owned and controlled by its members.
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