Banking

www.lifethenfinance.com

Banking

www.lifethenfinance.com

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3www.lifethenfinance.com

What is a bank?

In essence, there function is to service consumers with accounts to hold their money, there are many differences among them.

Where you bank is a personal choice.


Banks:

Banks are companies that are profit-driven. They are small banks and large banks. Banks are run by a Board of Directors that

service the stockholders and those vested in the company.


Credit Unions:

Credit unions are non-profit organizations Meaning any money they make in their business

must be reinvested in the credit union They are smaller and usually locally based. They serve the community and are not profit driven Those who join a credit union are members and

have a say in the major decisions at the credit union.


Why bank at a Credit Union ?

They service a smaller population of the community.

Offer their clients better services. Offer higher-interest on savings accounts

and lower rates on loans.


Why bank at large Banks?

Banks tend to be larger organizations Offer more convenience with that. They may charge more fees and/or have

lower rates on savings accounts and loans. There are usually more branches to bank at,

easier access to and ATM machines.


ATM Machines:

Automatic Teller Machine (ATM): A banking terminal that accepts deposits and

dispenses cash

Adds convenience to your banking experience as part of automating your finances.


Automate your Finances

Open a checking and savings account Set up direct deposit for your pay check Set up automatic bill pay Have a portion of your money automatically

sent to savings and an investment account every month

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Documents

Banking