Banks are typically large, established licensed institutions that offer a wide range of financial services. Banks are regulated by state and federal government agencies to ensure the safety and security of customer funds.
Banks are for-profit and privately owned.
Banks are FDIC-insured up to $250,000 per depositor. Most banks have several physical branches but many offer online and mobile banking services for added convenience.
Credit Unions offer a wide range of financial services similar to banks. Credit Unions are regulated by state and federal government agencies to ensure the safety and security of customer funds.
Credit Unions are not-for-profit, cooperative financial institutions, owned and run by their members.
Credit Unions are NCUA-insured up to $250,000 per depositor. Credit Unions have limited physical branches but many offer online and mobile banking services for added convenience.
Fintech stands for financial technology. Fintechs leverage innovative technology to offer financial services and products in a more accessible, efficient, and user-friendly manner.
Fintech companies that offer banking services typically operate entirely online or through digital platforms.
Fintech companies are not banks, but they partner with FDIC-insured banks to ensure customer deposits are safe and to offer financial services like checking, savings, credit cards and personal loans.
Banks, Credit Unions and Fintech Companies offer different services that fulfill various financial needs.
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