ECONOMICS
FEDERAL RESERVE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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commercial banks
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credit unions
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savings and loans
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all of them
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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.
Detailed explanation-2: -Banks, credit unions, and finance companies are traditional institutions that offer loans. Government agencies, credit cards, and investment accounts can serve as sources for borrowed funds as well. When considering a loan, it is important to know the terms of the loan and the interest rate and fees for borrowing.
Detailed explanation-3: -The BSA defines the term “financial institution” to include, in part, a loan or finance company. The term, however, can reasonably be construed to extend to any business entity that makes loans to or finances purchases on behalf of consumers and businesses.
Detailed explanation-4: -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.
Detailed explanation-5: -Personal Loans: Most banks offer personal loans to their customers and the money can be used for any expense like paying a bill or purchasing a new television. Credit Card Loans: Home Loans: Car Loans: Two-Wheeler Loans: Small Business Loans: Payday Loans: Cash Advances: More items