How is credit union different from retail bank?

Credit unions are member-owned financial cooperatives that prioritize serving their members, often offering lower fees and higher interest rates on savings. In contrast, retail banks are for-profit institutions that aim to generate profit for shareholders, which can lead to higher fees and lower interest rates for customers. Additionally, credit unions typically have a more localized focus, often serving specific communities or groups, while retail banks operate on a broader scale. This fundamental difference in ownership and purpose influences their services and customer relationships.