According to federal law, financial institutions include a range of organizations that handle money transactions. The two most popular are banks and credit unions, but there ar… See more

Central banks don’t offer products like checking accountsand loans to consumers. Instead, they play a role in the economy by regulating the money supply and adjusting interest rat… See more

Retail banks offer retail services such as checking accounts, savings accounts, credit cards, mortgages and loans to customers. National banks are one type of retail bank. … See more

Another type of retail bank, local banks focus on developing the needs of a specific community and typically have less than $1 billion in assets. Because local banks support th… See more

A commercial bank’s primary function is to extend loans to businesses. Like all banking institutions, commercial banks accept deposits and use that money to fund loans. And … See more