Savings and Loans Banks (S&L) - Banks that specialize in offering long term financing for homes and small businesses.
Advantages of S&L - Lower fees than Commercial Banks
- More personal service
- Open longer hours and weekends
Disadvantages of S&L - May require you to notify them before withdrawing from an account
- Only a few branches
- Using an ATM card may be difficult
- May not offer some banking services
Credit Unions - Nonprofit banks owned by members, who are often from a single organization or trade union.
- Ex. Advantage Federal Credit Union (teachers)
- Eastman Savings and Loan (Kodak employees)
Advantages of Credit Unions - Fees and loan rates are lower than commercial banks
- Not for profit, so any earnings are paid to member accounts.
Disadvantages of Credit Unions - Most are not insured by FDIC
- Only a few branches
- ATM less convenient
Do'stlaringiz bilan baham: |