BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Branch banks
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Chain banks
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Unit banks
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Group banks
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Detailed explanation-1: -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-2: -The 4 different types of banks are Central Bank, Commercial Bank, Cooperative Banks, Regional Rural Banks.
Detailed explanation-3: -Some of the more notable universal banks include Deutsche Bank, HSBC, and ING Bank; within the United States, Bank of America, Wells Fargo, and JPMorgan Chase qualify as universal banks.
Detailed explanation-4: -The beginnings of the banking industry can be traced to 1780 when the Bank of Pennsylvania was founded to fund the American Revolutionary War. After merchants in the Thirteen Colonies needed a currency as a medium of exchange, the Bank of North America was opened to facilitate more advanced financial transactions.