ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Bank
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Credit Union
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Both
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Neither
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Detailed explanation-1: -A depository can be an organization, bank, or institution that holds securities and assists in the trading of securities. A depository provides security and liquidity in the market, uses money deposited for safekeeping to lend to others, invests in other securities, and offers a funds transfer system.
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: -Depository institution. A financial institution that obtains its funds mainly through deposits from the public. This includes commercial banks, savings and loan associations, savings banks and credit unions.
Detailed explanation-4: -Commercial banks. Thrifts. Credit unions. Limited purpose banking institutions, such as trust companies, credit card banks and industrial loan banks.