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Is there a difference between a credit union and a bank?
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Yes, there is a difference between a credit union and a bank. A credit union is an association of people who share a common bond, such as employment, geography or membership in a particular organization, that provides financial services to its members. Banks are institutions that accept deposits from customers and lend money out to borrowers, while credit unions do not offer these services. Credit unions also tend to have lower interest rates than banks on loans and savings accounts.