ECONOMICS
MONEY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Centre Commercial
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Banks
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Savings and Loans
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Credit Unions
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Detailed explanation-1: -Credit unions operate to promote the well-being of their members. Profits made by credit unions are returned back to members in the form of reduced fees, higher savings rates and lower loan rates.
Detailed explanation-2: -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-3: -Credit unions are non-profit organizations. At credit unions, depositors are called members. Each member is an owner of the credit union.
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.