Question
What is meant by the term "thrifts"?
Multiple select question.
Credit unions
Mutual savings banks
Commercial banks
Checkable deposits
Savings and loan associations
Multiple select question.
Credit unions
Mutual savings banks
Commercial banks
Checkable deposits
Savings and loan associations
Answers
GPT-4o mini
The term "thrifts" refers to financial institutions that focus on accepting savings deposits and making loans. Specifically, it typically includes the following:
- **Credit unions**
- **Mutual savings banks**
- **Savings and loan associations**
Thus, the correct selections from your list would be:
- Credit unions
- Mutual savings banks
- Savings and loan associations
Commercial banks and checkable deposits do not fall under the definition of thrifts. Commercial banks are more generalized financial institutions that offer a wider range of services beyond just savings and loans, while checkable deposits refer to a type of account rather than a specific financial institution.
- **Credit unions**
- **Mutual savings banks**
- **Savings and loan associations**
Thus, the correct selections from your list would be:
- Credit unions
- Mutual savings banks
- Savings and loan associations
Commercial banks and checkable deposits do not fall under the definition of thrifts. Commercial banks are more generalized financial institutions that offer a wider range of services beyond just savings and loans, while checkable deposits refer to a type of account rather than a specific financial institution.