Chapter 6: Banking institutions

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What’s the difference between a commercial bank, a credit union and a thrift? And which one is right for you?

Banking is changing, perhaps more than ever before. Commercial banks can now offer insurance or investment products in addition to checking and savings accounts. Online banking is growing rapidly as a convenient way to manage an account. Thrifts offer more than loans and mortgages. And credit unions are proliferating, often offering the highest interest rates on deposits and lower rates on loans. You’ll also learn how to make a complaint and how the FDIC protects your money.

What you can expect to learn from this chapter:

  • Types of banking institutions

    The different types of banks you can use — commercial banks, credit unions, online banks and thrifts (savings and loans) — are explained in this section.

  • Whom to complain to, and how

    Follow these steps when you want to complain to your bank, and you may have a better chance for a happy resolution.

  • How the FDIC protects your money

    An explanation of how the Federal Deposit Insurance Corporation protects the money you’ve got in your bank — and what it doesn’t protect.