Understanding Business
12th Edition
ISBN: 9781259929434
Author: William Nickels
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Question
Chapter 20, Problem 2DCS
Summary Introduction
To discuss: The comparison in services of banks and credit unions; comparison of rates of online services and reasons for not using online banking and credit unions.
Introduction: Banks are the organizations that operate for making profits by earning through the borrowers and paying to the depositors.
Online payment is a mechanism through which payment in exchange of goods or services can be made using electronic modes.
Credit unions are not for profit organizations that are owned by the members, providing same facilities as are provided by the banks.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Of the many different banking institutions what type might fit your lifestyle best either now or in the future and why?
Compare and contrast two (or more) banks or credit cards. You will include information such as service charges, interest rates, etc.
Compare a regular big bank (e.g. Chase, Wells Fargo, Truist) to a discount bank or credit union
Compare and contrast two (or more) banks or credit cards. You will include information such as service charges, interest rates, etc.(works cited)
Compare a store or business rewards credit card (e.g. Amazon, United Airlines, Costco) to a regular bank card (e.g. American Express)
Chapter 20 Solutions
Understanding Business
Ch. 20.1 - Prob. 20.1AQCh. 20.1 - Prob. 20.1BQCh. 20.2 - Prob. 1TPCh. 20.2 - Prob. 2TPCh. 20.2 - Prob. 3TPCh. 20.2 - Prob. 4TPCh. 20.2 - Prob. 5TPCh. 20.3 - Prob. 20.3AQCh. 20.4 - Prob. 1MEDCh. 20.4 - Prob. 6TP
Ch. 20.4 - Prob. 7TPCh. 20.4 - Prob. 8TPCh. 20.5 - Prob. 20.5AQCh. 20.6 - Prob. 20.6AQCh. 20.7 - Prob. 20.7AQCh. 20.7 - Prob. 9TPCh. 20.7 - Prob. 10TPCh. 20.7 - Prob. 11TPCh. 20.7 - Prob. 12TPCh. 20.7 - Prob. 13TPCh. 20 - Prob. 1CECh. 20 - Prob. 2CECh. 20 - Prob. 3CECh. 20 - Prob. 1CTCh. 20 - Prob. 2CTCh. 20 - Prob. 3CTCh. 20 - Prob. 4CTCh. 20 - Prob. 1DCSCh. 20 - Prob. 2DCSCh. 20 - Prob. 3DCSCh. 20 - Prob. 4DCSCh. 20 - Prob. 5DCSCh. 20 - Prob. 1PPTCh. 20 - Prob. 2PPTCh. 20 - Prob. 3PPTCh. 20 - Prob. 1VCCh. 20 - Prob. 2VCCh. 20 - Prob. 3VC
Knowledge Booster
Similar questions
- Compare and contrast two (or more) banks or credit cards. You will include information such as service charges, interest rates, etc.(include works sited) 1.Compare a regular big bank (e.g. Chase, Wells Fargo, Truist) to a discount bank or credit unionarrow_forwardDiscuss the Social Security System. Discuss when it began and the early rates. Discuss how the system designates the money for those paying the FICA tax. Discuss how inflation and other factors have affected the FICA tax rates. Discuss how you feel Social Security will help or hurt you.arrow_forwardPlease answer completely but concisely! What are the principles of Pay As You Go (PAYGO) employment insurance? Why is it considered more advantageous to the older generation? If it is assumed that the rate of return from Social Security is lower than private savings, what is the impact on an individual's saving attitude? Use the graph to explain the mechanism that occurs.arrow_forward
- what are the alternatives for someone who wants to keep running their business without having standard business credit.arrow_forwardWhat are the types of RIBA and GHARAR? Which types of Riba and Gharar are found in conventional banking transactions? Give at least one example of each from your daily life/banking industry.arrow_forwardWhat goes into making a credit score? What factors are most important? Please explain why the credit scoring agency weights these factors the way they do. For example, why is it that new credit accounts being opened are small while payment history is extensive? Does it make sense?arrow_forward
- List down the all the sources of money you had.the exact amount and date you received it.arrow_forwardWhich of the following is not the role of banks? Lending money Investment Banking Lock box services Logisticsarrow_forwardHistorical development of financial markets in the world I NEED AN ESSAY OF 200 WORDS ONLY ABOUT THIS PLZ DONT COPY FROM INTERNETarrow_forward
- Why might credit unions want to promote themselves as not being banks in the popular usage of the term?arrow_forwardWhat is the most important reason credit unions are able to offer lower loan rates and higher deposit rates than a bank? Greater efficiencies More loyal customers and employees O Pay no income tax Economies of scalearrow_forwardRead the above passage. How does this relate to business, and what are some solutions to this problem? What is the purpose of this passage and how does it affect the business management right now? Americans’ collective credit card balances totaled $986 billion at the end of last year, up $61 billion from the previous quarter, according to the Federal Reserve Bank of New York’s quarterly household debt report. Overall, U.S. household debt—including mortgage, auto, student loan, and credit card debt—grew to $16.90 trillion at the end of 2022. That $61 billion increase in credit card debt, however, was the largest quarterly jump recorded in the history of the N.Y. Fed’s data, which dates back to 1999. Additionally, the total accumulated credit card debt surpassed the pre-pandemic record of $927 billion. “Credit card balances grew robustly in the fourth quarter, while mortgage and auto loan balances grew at a more moderate pace, reflecting activity consistent with pre-pandemic levels,”…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Understanding BusinessManagementISBN:9781259929434Author:William NickelsPublisher:McGraw-Hill Education
Management (14th Edition)ManagementISBN:9780134527604Author:Stephen P. Robbins, Mary A. CoulterPublisher:PEARSON
Spreadsheet Modeling & Decision Analysis: A Pract...ManagementISBN:9781305947412Author:Cliff RagsdalePublisher:Cengage Learning
Management Information Systems: Managing The Digi...ManagementISBN:9780135191798Author:Kenneth C. Laudon, Jane P. LaudonPublisher:PEARSON
Business Essentials (12th Edition) (What's New in...ManagementISBN:9780134728391Author:Ronald J. Ebert, Ricky W. GriffinPublisher:PEARSON
Fundamentals of Management (10th Edition)ManagementISBN:9780134237473Author:Stephen P. Robbins, Mary A. Coulter, David A. De CenzoPublisher:PEARSON
Understanding Business
Management
ISBN:9781259929434
Author:William Nickels
Publisher:McGraw-Hill Education
Management (14th Edition)
Management
ISBN:9780134527604
Author:Stephen P. Robbins, Mary A. Coulter
Publisher:PEARSON
Spreadsheet Modeling & Decision Analysis: A Pract...
Management
ISBN:9781305947412
Author:Cliff Ragsdale
Publisher:Cengage Learning
Management Information Systems: Managing The Digi...
Management
ISBN:9780135191798
Author:Kenneth C. Laudon, Jane P. Laudon
Publisher:PEARSON
Business Essentials (12th Edition) (What's New in...
Management
ISBN:9780134728391
Author:Ronald J. Ebert, Ricky W. Griffin
Publisher:PEARSON
Fundamentals of Management (10th Edition)
Management
ISBN:9780134237473
Author:Stephen P. Robbins, Mary A. Coulter, David A. De Cenzo
Publisher:PEARSON