Banks are nonprofit financial intermediaries that collect the savings of their members and invest those funds in a diversified portfolio of assets to provide income to members when they retire.

Question

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Banks are for-profit financial intermediaries that collect deposits from their customers and use that money to make loans and investments for the purpose of earning a profit. While some banks may offer retirement accounts, their primary goal is not to provide income to members upon retirement.

Banks Are Nonprofit Financial Intermediaries That Collect the Savings of Their