Introduction
A credit bank is a financial cooperative that is nonprofit. A union exists because it fills a gap and it serves the members. A union seeks to share resources to the members and to make them better off. Banks are financial institutions that aim to make profits. The members comprise of shareholders who share the profits from the business. The members have no say in the banks activities. The main differences between banks and credit unions are on the following areas; membership, ownership, control, diversity, profits and loans.

Discussion

Membership and ownership
One of the differences is in terms of the members. In a credit union, the members are the depositors and each member has a stake in the union. In a bank, the members are the customers. The customers do not own the bank but they take their money here. The people who own the bank are investors and it is not mandatory that they put their money in the bank.

Control
In a credit union, the members have a single vote and they can vote in on different matters. The amount of power that members have does not depend on how much money that the person has put in a union. In a union, any member is at liberty to run for elections. In banks, the owners are the stakeholders. The stakeholders have full control on the decisions and issues in the bank. The number of votes that a shareholder has depends on the amount of shares that he/she has in that bank. In the banks, the depositors and customers have no voting rights unless they have a huge share in the bank. The customers have no control on how the board runs the bank. In the banks, the existing directors select the new directors (Banking np).

Diversity
In a union, there is diversity in terms of the members. In a bank there is no diversity because anyone can deposit and amount as long as the bank has granted him/her an account in that bank. Unions comprise of members over a small area or people with the same interests. Unions exist to serve the interests of the founding members (Jane np). Banks, on the other hand, consist of anyone for the general public.

Profits
Unions are nonprofit organizations while banks are profit making organizations. The role of the union is to serve the interest of the members while banks aim to make profits. In a union, the money that it earns goes back to the members and caters for services that the members may need. In a bank, the earnings are for the shareholders. The shareholders earn money depending on the amount of stock that they own in the bank.

Loans
In a union, the primary focus is on savings, consumer loans and making the members better off. In banks, the focus is on profits, income and commercial loans.

Conclusion
The main differences between banks and credit unions depend on on membership, ownership, control, diversity, profits and loans. The best thing about unions is that they collaborate with other unions and their interests are always on the members. Banks do not collaborate or share resources because of the cutthroat competition that exists between different banking institutions. Banks exist to make profits while unions exist to serve their members. Banks make their money from loans and investing with the money deposited by people. Banks are bigger than credit unions. The shareholders of a bank are wealthy business men and they split the profits that they make form the deposits and commercial loans. Credit unions are different because ever member is an owner and he/she has a say in every decision that the union makes.