Banking Institutions

Banking Institutions

  • Commercial Banks are stock corporations that make loans to consumers and businesses, offer checking and other deposit accounts and provide a wide range of financial services. Offer more convenience regarding location, technological efficiency, mobile access, and rewards programs.

  • Savings and Loans associations and savings banks specialize in real estate lending, particularly loans for single-family homes and other residential properties.

  • Credit Unions are nonprofit institution formed by a group of people with a common bond.  Credit unions accept deposits in a variety of accounts. All credit unions offer all the services most major banking companies offer. Credit unions typically brag better customer service and lower fees, but have higher interest rates. Verses banks who generally have lower interest rates and higher fees

The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government. It was created in 1933 to insure deposits. What FDIC does is it protects the money you deposit into a FDIC member bank up to $250,000 per depositor if for any reason the bank itself cannot cover your deposit. This coverage is provided by the federal government.  Most financial institutions offer this insurance. Make sure you ask your financial institution if they are insured through FDIC.