BUSINESS ADMINISTRATION
FINANCIAL MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Commercial bank
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Credit Union
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Pay Day Loan
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Detailed explanation-1: -Credit unions are significantly smaller in size than most banks and are structured to serve a particular region, industry, or group.
Detailed explanation-2: -Credit unions operate to promote the well-being of their members. Profits made by credit unions are returned back to members in the form of reduced fees, higher savings rates and lower loan rates.
Detailed explanation-3: -There are three major types of depository institutions in the United States. They are commercial banks, thrifts (which include savings and loan associations and savings banks) and credit unions.
Detailed explanation-4: -The most common types of financial institutions are commercial banks, investment banks, insurance companies, and brokerage firms.
Detailed explanation-5: -Savings banks can be owned by their depositors (mutual ownership) or by shareholders (stock ownership).