The document discusses the differences between banks and credit unions. Banks are profit-driven companies run by a board of directors to serve stockholders, while credit unions are non-profit cooperatives owned by their members. Credit unions tend to be smaller and locally based, offer higher interest rates and lower loan rates than banks, but banks tend to have more locations and ATM access for added convenience. The document also covers how automating finances through direct deposit, bill pay, and savings transfers can make banking more convenient.

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Banking
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2. 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.
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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.

4. 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.
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5. 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.
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6. 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.
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7. 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.
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8. 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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