When it comes to your finances, you have options. Banks and credit unions are both financial institutions that offer similar services, but there are some key differences. Here’s a breakdown of the two so you can decide which is right for you.

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Banks

Banks are for-profit businesses that are typically owned by shareholders. They offer a wide range of financial services, including checking and savings accounts, loans, and investment products. Because they’re in business to make money, they often charge higher fees than credit unions.

Credit Unions

Credit unions are not-for-profit organizations that are owned by their members. They offer many of the same services as banks, but they’re often more focused on providing great rates and personal service. Because they don’t have to make a profit, credit unions can often offer lower fees and better rates.

The Bottom Line

Both banks and credit unions can be great places to manage your finances. It’s important to compare your options and choose the one that’s right for you.

Banks and credit unions are both financial institutions that offer similar services, such as savings and checking accounts, loans and investments. However, there are some key differences between the two.

Banks are for-profit institutions that are typically owned by shareholders. They aim to make money for their shareholders by charging fees and interest on loans. Credit unions, on the other hand, are not-for-profit and are typically owned by their members. Their focus is on providing affordable financial services to their members, rather than making a profit.

Another key difference is that banks are regulated by the federal government, while credit unions are regulated by the state. This means that credit unions may have different rules and regulations than banks.

Finally, banks typically have more branches and ATMs than credit unions. This can be convenient if you need to access your money while you’re on the go. However, it’s important to remember that you may be charged fees for using an ATM that’s not affiliated with your bank.

So, which is better – a bank or a credit union? The answer depends on your individual needs and preferences. If you’re looking for convenience, then a bank may be the better choice. However, if you’re looking for lower fees and rates, then a credit union may be a better option.

Merck Credit Union offers online banking to its members, which gives them the ability to manage their finances and make transactions securely and conveniently. Here are some tips on how to make the most of Merck Credit Union online banking:

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Use the online banking tools to stay on top of your finances.

The online banking tools offered by Merck Credit Union can help you keep track of your account balances, view your transaction history, and transfer funds between your accounts. You can also use the online bill pay service to pay your bills online.

Use the online banking security features to protect your account.

Merck Credit Union online banking uses industry-standard security measures to protect your account information and transactions. When you log in to your account, be sure to use a secure connection and a strong password. You can also set up two-factor authentication for an extra layer of security.

Take advantage of the mobile app.

The Merck Credit Union mobile app gives you the ability to access your account information and make transactions on the go. You can use the app to deposit checks, transfer funds, and pay bills. The app is available for iPhone and Android devices.

Use the online chat support.

If you have questions about online banking or need help with a transaction, you can use the online chat support feature. A representative will be happy to assist you.

Contact customer service.

If you need assistance with online banking or have questions about your account, you can contact Merck Credit Union customer service. Customer service representatives are available Monday through Friday from 8:00 a.m. to 5:00 p.m. Central Time.