Financial Education: Bank On It
What is a Bank
Choosing a Bank
Different Types of Banks
There are three major types of banks or financial institutions. All types of institutions
are regulated by state and federal rules.
Bank - A financial institution run under federal and state laws
Credit Union - A nonprofit financial institution owned by people
who have something in common. You have to become a member of the credit union to
keep your money there.
Thrift - A savings bank or savings and loan association that is
similar to a bank. Thrifts were created to promote home ownership and must have
a majority of their assets in housing-related loans.
No matter what type of financial institutions you use, all of them use the same
basic banking terms.