FL: Debit & Credit Guided Notes

Banks are for-profit, credit unions are not-for-profit

Banks offer better interest rates than credit unions

Credit unions are owned by members, banks are not

Banks are only online, credit unions are physical

Credit cards allow you to pay later, while debit cards deduct money immediately.

Debit cards allow you to pay later, while credit cards deduct money immediately.

Both credit and debit cards deduct money immediately.

Both credit and debit cards allow you to pay later.

For-profit institution

NCUSIF insured

Member owned

Offers only credit cards

Access to physical branches

Securely log on using a username and password

Higher interest rates on savings

No need for internet connection

Both can be used to withdraw cash from an ATM.

Both require a credit check to obtain.

Both offer rewards for purchases.

Both have high interest rates.

Buy now, pay later

High interest rates

Must qualify

Terms and fees may change

Payment history

Number of credit accounts

Amount of outstanding debt

Credit card rewards

To provide free credit reports every 12 months

To approve credit card applications

To set interest rates for loans

To offer financial advice

Banks are for-profit, credit unions are not-for-profit

Banks are not-for-profit, credit unions are for-profit

Both are for-profit institutions

Both are not-for-profit institutions