Types of Financial Institutions:
Bank: A financial institution that is run under federal and state laws and regulations. Banks make loans, cash checks, accept deposits, and provide other financial services.
Credit Union: A federally regulated cooperative financial institution that is owned and controlled by the people who use its services. Credit unions serve groups that share something in common, such as where they work, live, or go to church. Credit unions are not-for-profit, and exist to provide a safe, convenient place for member of the credit union to keep your money there.
Thrift: A federally regulated savings bank or savings and loan association that is similar to a bank. Thrifts were created to promote homeownership and must have a must have a majority of their assets in housing-related loans. While banks offer a wide array of services, a thrift’s main business is to make home loans.
