Question

Which type of financial institution offers checking/savings account and loans? Group of answer choices

credit unions

security firms

investment banks

insurance companies

Answer 1

The correct answer is Credit unions.

The Credit unions are non for profit organisations owned by its members which provides fewer services like banks. It accepts deposits from its members and grants loans at competitive rates.

Other options are incorrect. The reasons are as under-

Investment banks doesn't accept deposits or grants loans. they provide their services to big corporations, government and other institutions and helps them in raising funds. They also provides underwriters services.

Insurance companies collects premium form people and provide them protection against risks. They donot offers service accounts or loans.

Security firms are business corporations which provide security services to individuals and corporations. They provides guard and petrol services such as Security guards, bodyguards, etc.

Hope it helps!