Kyle uses a local financial institution for his banking needs such as a chequing and savings account. When he asks the manager what the money he has deposited is used for, the manager explains that the institution deals primarily with consumer loans and home mortgage loans. Anyone can open an account at this institution. What type of financial institution is Kyle using?

Question

Quizplus · Accepted Answer

The description given in the scenario matches that of a chartered bank, which deals with consumer and home mortgage loans and is open for anyone to have an account with.

Kyle Uses a Local Financial Institution for His Banking Needs