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What are the different types of banking institutions?

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  1. 26 May, 21:30
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    There are three major types of banks or financial institutions.

    Bank - A financial institution run under federal and state laws and regulations.

    Credit Union - A nonprofit financial institution owned by people who have something in common. You have to become a member of the credit union to keep your money there.

    Thrift - A savings bank or savings and loan association that is similar to a bank. Thrifts were created to promote home ownership and must have a majority of their assets in housing-related loans.
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