What Are the Three Fundamental Financial Services?
What are the three categories of fundamental financial services ? Here's a rundown of these services. Financial services are classified into three types: commercial banks, savings and loan organizations, and credit unions. The most frequent type of savings is through savings and loan associations. Credit unions are the newest type of savings and loan institution. Another form of financial service is insurance. These services address a wide variety of financial requirements. Commercial banks are classified into three types: national, state, and local. All require a government operating license and a bank charter from the state in which they are situated. National banks are members of the Federal Reserve System and are insured by the FDIC. State banks are governed by their respective states and are often smaller and less regulated than national banks. All provide crucial financial services to the public, regardless of kind. Commercial banks are an important aspect of the financial s