Prior to the 1980s, financial institutions called thrifts:

Name: Prior to the 1980s, financial institutions called thrifts:
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Prior to the 1980s, financial institutions called thrifts were permitted to accept only savings deposits with no checking privileges. They were not allowed to offer checking accounts or pay interest on checkable deposits. Thrifts were separate institutions from commercial banks, which were allowed to offer both checking and savings accounts with interest on both.

Prior to the 1980s, Financial Institutions Called Thrifts