Question

Why is it sometimes easier to open an account with a bank rather than with a credit union? a. Most credit unions require some kind of affiliation, but banks will let anyone with money open an account. b. Credit unions usually require more paperwork than banks. c. Banks can generally open an account immediately, but credit unions require a waiting period. d. Banks can open accounts over the phone or online, but credit unions can only open accounts in person. Please select the best answer from the choices provided A B C D

Answer 1

The correct answer is A. Most credit unions require some kind of affiliation, but banks will let anyone with money open an account.

Explanation:

Credit unions similar to banks offer financial services including loans and the possibility to have an account. However, to access any service in a credit union it is necessary to belong to it, which often implies meeting some criteria or completing a process of affiliation. This is because credit unions are owned and controlled by its member and they offer services only to members. This does not occur in most banks because anyone can access to most services. Thus, it is easier to open ant account at a bank because most credit unions require affiliation (option A.)