Commercial, Savings, Financial Service Companies (including Mortgage Brokers, Investment Banks, Federal Banks)
Commercial Banks
Commercial Banks are for profit businesses that assist business by making loans, handling investments and providing other services to commercial businesses. These banks originally were only interested in large depositors but they have diversified and now have clients from various deposit levels.
Savings Banks
Savings Banks were designed to provide a safe place for individuals to deposit money. Over the years savings banks have expanded to offer the same services as commercial banks.
Mortgage Brokers
Mortgage Brokers work with multiple lenders to assist clients in securing mortgages. Mortgage brokers are not banks but sometimes are affiliated with a bank.
Investment Banks
Investments banks are designed to loan money and make investments to business to buy, sell and merge. They usually fund IPO's – Initial Public Offerings.
Credit Unions
Credit Unions operate similarly to savings banks but they are owned by their members and are said to provide more personalized service.
Adopted from http://www.socialstudieshelp.com/
<< Back to Banking Home
|
