Question

Select the correct answer.

Which type of bank is a nonprofit members-only organization that provides checking accounts, savings accounts, and loans to its members?
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A. savings and loan associations
B.
credit unions
C.
savings banks
D. commercial banks

Answer 1

Credit unions are nonprofit members-only organizations that provide checking accounts, savings accounts, and loans to their members. They are owned and operated by their members, allowing them to offer more competitive rates compared to commercial banks and savings banks.

Step-by-step explanation:

Credit unions are the type of bank that is a nonprofit members-only organization. They provide checking accounts, savings accounts, and loans to their members. Unlike commercial banks or savings banks, credit unions are owned and operated by their members, who also have a say in the decision-making process. This cooperative structure allows credit unions to offer lower loan rates and higher interest rates on savings accounts.

Learn more about Credit unions and their services