When you look at them from the most basic perspective, banks and financial institutions have many similarities, but also some important differences. The first consist above all in which to form a financial require a gross capital less than 450, 000 promotion units. In comparison with a bank has the prohibition to offer current accounts and to conduct operations in foreign currencies or in foreign trade.
Banks are usually companies that support the capital of their customers and transactions everything is simpler. With a micro financial customers they do not have a 100% security in the investment of its funds, because financial institutions tend to be in red numbers with ease and partners can lose a single blow its capital.
One of the most significant differences is the one who is the owner, each of these institutions and favor this institution. The owners of the bank are being shareholders, we must remember that banks are “corporations” and when you have to make important decisions with regard to the administration, their right to vote is directly related to the number of shares they have. That is to say, more actions, the more votes of course.
In contrast, in the micro financial institutions or savings and credit cooperatives, the owners are its members or partners, and in this case, each person is equivalent to a single vote, regardless of the participation shares or capital that each one possesses. So as partners have the right to participate of the results to be obtained from the cooperative at the end of each financial year.
Another important aspect is that, the shareholders of a bank have varying restrictions on obtaining a loan from your own bank. In the case of a financial, it is sufficient to comply with membership and comply with the requirements laid down in the statutes and from then on, are the only ones who can obtain credit under the conditions that the institution has to offer.
However, we continue with the eternal question bank or micro financial institutions? The truth is that this decision can only be taken depending on certain emergency situations in which people are going on at any given time.
But if you really want to financial security, you want to really be paying just for any loan or credit that you have requested, it is best that you contact our customer service staff of FNBNorcal.com.