ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A for-profit institution that provides mortgages personal loans and other financial services
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If you don’t know click here and you will be forwarded to the social studies help hotline (You will be on hold for the rest of your life)
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A non-profit organization that offers bank related services and is owned by its members
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You should know this if you have been studying
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Detailed explanation-1: -A bank is a financial institution licensed to receive deposits and provide other services such as mortgage loans and individual retirement accounts. A chartered bank is a financial institution in the business of providing monetary transactions, such as safeguarding deposits and making loans.
Detailed explanation-2: -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.
Detailed explanation-3: -Banks hold money for clients and make loans to those clients. Other financial institutions provide a host of services such as insurance, trading, and mutual funds. The main difference between a commercial bank and other financial institutions is that commercial banks can take deposits from their customers.
Detailed explanation-4: -The 4 different types of banks are Central Bank, Commercial Bank, Cooperative Banks, Regional Rural Banks.
Detailed explanation-5: -Commercial Banks. Commercial banks are generally stock corporations whose principal obligation is to make a profit for their shareholders. Savings and Loans/Savings Banks. Credit Unions.