Banks, Savings and Loan Associations, and Credit Unions all play crucial roles as financial institutions, offering a variety of services such as deposits, loans, and checking accounts.
Banks serve as financial intermediaries by accepting deposits, making loans, and offering checking accounts. They are for-profit institutions that offer various financial services to customers.
Savings and Loan Associations, also known as savings institutions, accept deposits, provide loans, issue credit cards, and mortgages, with a focus on personal and auto loans.
Credit Unions are financial institutions that are member-owned and offer similar services to banks, including checking accounts, loans, and savings products.
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