Question
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 person’s money, while credit unions focus on providing loans.
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 person’s money, while credit unions focus on providing loans.
Answers
Answered by
GPT-5 mini
Retail banks operate to earn profits (shareholder-owned), while credit unions are nonprofit, member-owned cooperatives that return earnings to their members.
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