What are the four types of depository institutions?
What are the 4 main types of US depository institutions?
Okay, so I've always been a bit fuzzy about this finance stuff. But I think I've got the main idea.
Basically, there are these places, right? Where you put your money. And they're different, which is kinda confusing.
There are banks, like the one I use - Chase, downtown, got my checking account there since, like, July '22. Then there are these things called thrifts, which I kinda thought were banks? Apparently, there's savings and loan places in there, and savings banks. Never really used one. Last time I went into a Chase branch was last Wednesday, took out $60.
And credit unions. My sister joined one for a car loan back in May, said the rates were better. Something about being member-owned? I dunno. It's a bit of a muddle to me. They're all places to keep money, but somehow different.
Three main types of US depository institutions: commercial banks, thrifts (savings and loan associations and savings banks), and credit unions.
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