ECONOMICS
MONEY
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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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Mutual Savings Bank
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Detailed explanation-1: -The term “commercial bank” refers to a financial institution that accepts deposits, offers checking account services, makes various loans, and offers basic financial products like certificates of deposit (CDs) and savings accounts to individuals and small businesses.
Detailed explanation-2: -A credit union is a not-for-profit financial institution that accepts deposits, make loans, and provides a wide array of other financial services and products.
Detailed explanation-3: -Savings and loan associations are also known as savings associations, savings banks, thrifts or thrift institutions.
Detailed explanation-4: -A savings and loan association (S&L), or thrift institution, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans.