A bank is a company that makes the trade of the money . It may have different activities: receive and keep on behalf of its clients their funds, offer various investments ( savings ), provide means of payment (checks, bank card, etc..) and exchange, lend money, intervene financial markets on its behalf or that of its customers and generally handle all financial services. We distinguish commercial banks from investment banks by type of business they pursue.
Banks are subject to strict legislation and exercise control. In particular, collecting deposits, the distribution of credit and payment services including “banking” (checks, credit cards, transfers, etc.). Activities are reserved for banks and are subject to prior authorization due to the importance of these activities in the economy of a country. They provide for the State traceability of financial transactions and helping in the fight against trafficking.
On the other hand Credit Unions are similar to banks but they operate in a little bit different fashion, they are more personal and each depositor becomes a member of the bank making the customer feel more safe and secure when visiting the bank and doing transactions. An example of a small credit union is a small credit union in the Toronto, Canada area called Buduchnist Credit Union. It is a small credit union that caters to the local Ukranian Immigrant population.