NOVEL NEXT Chapter : Types of Banks
< Types of Banks >
Commercial Banks: These are the most common type, offering a range of services such as savings and checking accounts, loans, and credit cards. Examples include JPMorgan Chase, Bank of America, and Wells Fargo.
Savings and Loan Associations (S&Ls): Focus primarily on accepting savings deposits and making mortgage loans. They aim to promote home ownership. Examples include Wells Fargo, JPMorgan Chase, Bank of America, Citigroup, etc
Credit Unions: Non-profit institutions owned by their members, offering similar services to banks but often with lower fees and better interest rates. Membership is usually based on common bonds (e.g., profession, community).
Investment Banks: Specialize in raising capital for companies, facilitating mergers and acquisitions, and providing advisory services. Examples include Goldman Sachs, Morgan Stanley, and Lehman Brothers
Regional and Community Banks: Smaller banks that focus on serving specific local or regional markets, often providing personalized customer service.