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ZURICH—Credit Suisse Group AG will hand over names of clients suspected of dodging U.S. taxes, intensifying the campaign by U.S. authorities to pressure Swiss banks into turning over Americans with hidden accounts.

Credit Suisse said Tuesday that it will hand over account information to Swiss tax authorities in response to a request from the U.S. Internal Revenue Service. The bank, Switzerland’s second largest by assets, declined to comment on the number of names or when it would submit the information. The Swiss tax authority will examine the details and allow clients the chance to appeal, after which it would give the names to the IRS. That process could take several months.

The IRS’s request stems from a months-long investigation into allegations that Credit Suisse bankers helped scores of Americans evade taxes. Early this year, the U.S. indicted two current and three former Credit Suisse bankers; they have denied wrongdoing. In July, the U.S. Justice Department notified Credit Suisse that the bank itself was a formal target of a criminal investigation into allegations that it helped U.S. citizens avoid paying U.S. income tax.

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You may not care – or you may think it’s significant – but the main difference between banks and credit unions is ownership. Credit unions are nonprofit organizations owned by their customers, who are called ‘members’.

Ideally this means you’d get a better deal at the credit union. Without outside owners demanding increasing profits, the credit union should provide great services at a fraction of the cost. However, it’s not always the case. Some credit unions just act like banks with tax benefits, and large banks may get an advantage due to their larger scale. It depends on your credit union.

Safety – Neck and Neck

Banks and credit unions both keep your money safe. If the institution goes under, some or all of your money may be guaranteed by the US government. To be safe, make sure your bank has FDIC insurance or your credit union has NCUSIF insurance.

Products – Pretty Comparable

The products available at banks and credit unions are very similar. For most of us, it’s a coin toss: either one has checking accounts, loans, savings, and CDs. Credit unions rates are often a bit better, but there are plenty of exceptions. On the other hand, banks often offer more products and services than a small credit union.

Customer Service – Varies

Both banks and credit unions can offer great customer service. They can also make mistakes. In credit unions, service may be more personalized, and it’s easier to get to know people; there are fewer employees and fewer customers. However, they may also be less formal – especially small credit unions. If you like your bankers in pinstripes, stick to a large bank or credit union. Banks are more likely to offer robust websites and 24-hour customer service lines. These may be valuable if you have a rigid schedule. However, some credit unions have excellent websites, and you may not even need more than a page to view your account balance and pay some bills.

Which Should You Choose?

There’s no clear answer to the bank vs. credit union question. You should consider both of them, and maybe even keep accounts open in multiple places. For loans, you should at least inquire at a credit union, and give them some of your other business (checking, savings, etc) if you get a good deal. However, you may enjoy the horsepower of a larger bank (not necessarily the largest ones) in some areas of your life.

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Bank vs. Credit Union