Financial Institutions

By: Daniela G.

Commercial Bank

- For profit

- Open to anyone who wants to utilize a depository institution

- Offer numerous financial services

- Usually the largest depository institutions

Credit Union

- Non-for-profit - owned by members

- Have membership qualifications - members must share a "common bond"

- Offer many services but usually not as many as a bank

- Are often able to pay higher interest rates and charge lower fees

Types of financial institution

Features of Depository Institutions

Features

Online Banking- Complete certain transactions from a secured internet site. Access account information any place, transfer money, pay bills/set up recurring bill payment, apply for credit.

Debit Cards- Function in the same manner as checks but faster and more portable. Use PIN or signature to authorize transactions.

ATMs- Withdraw and deposit money, transfer money, check account balance.

Contactless Payment- "Wave" a card in front of a sensor for fast and easy transactions.