BANKING AFFAIRS

Detailed explanation-1: -Banks and similar business entities, such as thrifts or credit unions, offer the most commonly recognized and frequently used financial services: checking and savings accounts, home mortgages, and other types of loans for retail and commercial customers.

Detailed explanation-2: -A savings and loan association (S&L) is a financial institution typically owned and overseen by its customers or shareholders. Because of this “pool” structure, savings and loan associations are able to offer mortgages and other types of financial products to customers who might otherwise not have access to them.

Detailed explanation-3: -The term federal savings and loan (S&L) refers to a financial institution that focuses on providing checking and savings accounts, loans, and residential mortgages to consumers. These institutions are also referred to as thrifts-credit unions and savings banks that are mutually owned by their customers.

Detailed explanation-4: -The most important purpose of savings and loan associations is to make mortgage loans on residential property.