Types of Financial Institutions plays major role for Economy

Types of Financial Institutions plays major role for Economy

Learner Asked on 2020-01-28 in Economy.
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    • There are 9 major financial institutions that provide a variety of services from mortgage loans to investment vehicles.
    • Credit institutions are not-for-profit companies (and tax exempt) that are owned and operated by their members.
    • Internet banks tend to charge their customers fewer fees than traditional banks, and some offer less expensive services such as free online transfers to other banks.
    • There are two primary types of financial institutions—non-depository and depository.
    • For example, an insurance company would fall under the non-depository group, and a credit union would be defined as a Depositary Institution
    Learner Answered on 2020-01-28.
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    The major categories of financial institutions include

    Central banks,

    Retail and Commercial banks

    Internet banks

    Credit unions

    Savings

    Loans associations

    Investment banks

    Investment companies

    Brokerage firms

    Insurance companies,

    Mortgage companies

    Learner Answered on 2020-01-28.
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