Financial Institutions Flashcards
1
Q
Commercial Banks
A
Owned by shareholders, strive for profit, lower interest rates
2
Q
Mutual savings banks
A
State charters. profits are paid to depositors in interest or held in reserve
3
Q
Savings and loans
A
Originally for homeowners but now offer a wide variety of service. Many are owned by depositors
4
Q
Credit unions
A
Non-profit and owned by its members who tend to have a common bond
5
Q
Internet banks
A
Work online, high deposit rates and lower loan rates
