Commercial banks
An institution which accepts deposits, makes business loans,
and offers related services. Commercial banks also allow for a variety of
deposit accounts, such as checking, savings, and time deposit. These
institutions are run to make a profit and owned by a group of individuals, yet
some may be members of the Federal Reserve System. While commercial banks offer
services to individuals, they are primarily concerned with receiving deposits
and lending to businesses.
TYPES
OF COMMERCIAL BANKS:
