What is meant by the term "thrifts"?

Multiple select question.

Credit unions

Mutual savings banks

Commercial banks

Checkable deposits

Savings and loan associations

1 answer

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.