Kyle uses a local financial institution for his banking needs such as a checking 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. This describes a
A) commercial mutual bank.
B) mutual funds bank.
C) credit union.
D) savings and loan association.
E) national bank.

Question

Quizplus · Accepted Answer

A savings and loan association primarily deals with consumer loans and home mortgage loans, and anyone can open an account at this type of institution. Commercial mutual banks, mutual funds banks, and national banks also offer a range of banking services and may deal with consumer loans and mortgages, but credit unions are typically focused on providing services to members of a specific community or organization.

Kyle Uses a Local Financial Institution for His Banking Needs