Suzanne is considered a member of her financial institution, which provides checking, savings, and other financial services. She is eligible for membership because she is a teacher. This financial institution is a
A) national bank.
B) savings and loan association.
C) mutual savings bank.
D) commercial bank.
E) credit union.

Question

Quizplus · Accepted Answer

Suzanne's eligibility based on being a teacher indicates that the financial institution is a credit union. Credit unions are typically membership-based and serve specific groups, such as employees of a certain company or members of a particular profession. They offer similar services to banks, such as checking and savings accounts, but are structured differently as non-profit organizations owned by their members.

Suzanne Is Considered a Member of Her Financial Institution, Which