A financial institution that accepts deposits, makes loans, and provides other services as a nonprofit organization is called a:A.retail bank.B.credit union.C.payday lender.D.title pawn lender.SUBMITarrow_backPREVIOUS
Question
A financial institution that accepts deposits, makes loans, and provides other services as a nonprofit organization is called a:A.retail bank.B.credit union.C.payday lender.D.title pawn lender.SUBMITarrow_backPREVIOUS
Solution
The correct answer is B. Credit Union. Credit unions are nonprofit financial institutions that offer many of the same services as banks, including accepting deposits and making loans. They are owned and operated by their members, rather than by shareholders, and they typically offer more favorable interest rates and lower fees.
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