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Commercial Banks accept deposits, lend money, transfer funds, and have everything to do with handling money. Such institutions include Wells Fargo, Bank of America, and SunTrust.
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Credit UnionsCredit Unions are formed by the employees of the union. These are owned and operated by its members in order to provide low-interest loans explicitly to its members.
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Saving and Loan AssociationSaving and Loan Associations deal with deposits and loans. The main purpose of this institution is for anything that requires financial borrowing--such as building houses. A majority of business comes from savings and home loans.
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Savings BankSavings Banks are--namely--for savings. Most of the business a Saving Bank receives is credited to savings and home loans. When it was created, this financial institution was focused on the small savers who were ignored by enterprising banks.
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Consumer Finance CompaniesConsumer Finance Companies take control over contracts for installment debts from stores and add in fees for collection. People that can't get credit from other resources use these financial institutions. HOWEVER...higher interest rates accompany these companies.
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