3 Tutorials that teach Financial Institutions and their Services
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Financial Institutions and their Services

Financial Institutions and their Services

Author: Aisha Williams

This lesson is an overview of Financial and banking institutions.

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Terms to Know
Commercial Banks

A bank that provides services to companies and individuals.

Credit Union

A cooperative that is nonprofit, set up for a specific membership who owns it and provides a variety of banking services for it’s members.

Mutual Savings Bank

A bank that is set up by a local government, without capital stock and is maintained by with members who contribute to a common fund.

Nondeposit Institutions

An institution that can offer some services, such as a mortgage, but cannot accept deposits.

Savings and Loan Associations

A financial institution that limits it’s services to making loans and accepting deposits; a legal limitation is that no more than 20% of it’s loans can be offered commercially.