BANKING A LOT MORE THAN U THINK! TYPES OF BANKS 4 Main Types Commercial Bank Mutual Savings Banks Savings and Loans Credit Union What banks can we think of that fit in these categories? COMMERCIAL BANKS - FINANCIAL INSTITUTIONS OWNED BY SHAREHOLDERS AND OPERATED FOR THEIR PROFIT
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What banks can we think of that fit
in these categories?
- FINANCIAL INSTITUTIONS OWNED BY SHAREHOLDERS AND OPERATED FOR THEIR PROFIT
An institution which accepts deposits, makes business loans, and offers related services. Commercial banks also allow for a variety of deposit accounts, such as checking, savings, and time deposit. These institutions are run to make a profit and owned by a group of individuals, yet some may be members of the Federal Reserve System. While commercial banks offer services to individuals, they are primarily concerned with receiving deposits and lending to businesses.
- state chartered financial institutions operated by trustees for the benefit of depositors. Profits are either paid to depositors as interest or held in reserve.