What are some of the main financial institutions that all corporations utilize (or even some that could be used personally)?© BrainMass Inc. brainmass.com September 26, 2022, 6:36 pm ad1c9bdddf
<br>All corporations utilize banks in some ways. They need to leverage debt that is provided by banks in order to grow their business.
<br>The essential function of a bank is provide services related to storing of value and extending credit. The evolution of banking dates back to the earliest writing, and continues in the present where a bank is a financial institution that provides banking and other financial services.
<br>A credit union is a co-operative financial institution that is owned, controlled and administered by its members. Only a member of a credit union may deposit money with the credit union, or borrow money from it. The character of a borrower is deemed to be the most important security for his/her loan.
<br>A credit union differs from a bank in that it typically may pay higher interest on deposits, may charge lower interest on loans, and the members who have accounts in the credit union are its owners. Credit unions offer many of the ...