BANKING AFFAIRS

Detailed explanation-1: -A commercial bank is the most common depository institution which lends, issues, borrows, and protects money. Commercial banks offer many services to people such as checking and savings accounts, issuing loans and credit cards, and providing customers with financial advice.

Detailed explanation-2: -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-3: -1. Checking Account. The most basic type of bank account is the checking account. Think of it as home base.

Detailed explanation-4: -Commercial banks are the largest and dominate the depository institutions. First, the bank deposits are liquid. Consequently, commercial banks are important for a community because its role of accepting deposits and granting loans. Credit unions are similar to commercial banks except they restrict membership.