Banking Keep your money safe! Banking

Savings and Loans Banks (S&L)

• Banks that specialize in offering long term financing for homes and small businesses.

Advantages of S&L

• Lower fees than Commercial Banks
• More personal service
• Open longer hours and weekends

Disadvantages of S&L

• May require you to notify them before withdrawing from an account
• Only a few branches
• Using an ATM card may be difficult
• May not offer some banking services

Credit Unions

• Nonprofit banks owned by members, who are often from a single organization or trade union.
• Ex. Advantage Federal Credit Union (teachers)
• Eastman Savings and Loan (Kodak employees)

Advantages of Credit Unions

• Fees and loan rates are lower than commercial banks
• Not for profit, so any earnings are paid to member accounts.

Disadvantages of Credit Unions

• Most are not insured by FDIC
• Only a few branches
• ATM less convenient