BANKING AFFAIRS

Detailed explanation-1: -A commercial bank is a type of financial institution that accepts deposits, offers checking account services, makes business, personal, and mortgage loans, and offers basic financial products like certificates of deposit (CDs) and savings accounts to individuals and small businesses.

Detailed explanation-2: -A lending institution is any type of financial organization or institution that provides loans to borrowers. Other organizations such as a building society, credit union, and savings and loan association can also be considered examples of a lending institution.

Detailed explanation-3: -Banks, Thrifts, and Credit Unions-What’s the Difference? 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 4 most common types of financial institutions are commercial banks, brokerage firms, insurance companies, investment banks.

Detailed explanation-5: -A bank is a financial institution that is licensed to accept checking and savings deposits and make loans. Banks also provide related services such as individual retirement accounts (IRAs), certificates of deposit (CDs), currency exchange, and safe deposit boxes.