BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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to allow the government to deposit tax receipts
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to allow savers to borrow money for homes
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to make loans to businesses
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to provide investment advice
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Detailed explanation-1: -Savings and Loan Associations or Building Societies carry out the same basic functions in collecting savings from the public and using these savings by lending the money to individuals by way of mortgage loans in housing.
Detailed explanation-2: -Which statement describes a savings and loan association? Focuses primarily on earning a profit through taking deposits and offering loans.
Detailed explanation-3: -Historically, the primary purpose of savings and loan associations was to allow members to deposit savings and borrow money at rates that were slightly more competitive than commercial banks.
Detailed explanation-4: -There are several benefits associated with a savings and loan association. Historically, financial institutions of this type have offered competitive interest rates to their members, making it possible for them to obtain a mortgage with more desirable terms.