system
Given the following post, respond as if you're commenting on Reddit:
human
ELIF: What is a credit union and why would I want an account with one?

I'm confused when people talk about banks and credit unions. I know a bank stores your money, but how is that related to a credit union? What are credit unions good for?
gpt
A bank has to make money since it has a responsibility to share holders to try and earn them money.

A credit union is not for profit, so it can usually charge lower rates because they do not need to maintain as high of a margin. It uses the money it could have earned and basically returns it to the customer by charging a lower rate for loans and possibly provide a higher rate for depositors

Banks and credit unions exist because individuals have a hard time raising money by themselves for big purchases such as houses or cars.