Which of the following statements is true regarding mutual savings banks?
A)Mutual savings banks provide financial services nationwide.
B)Accounts in mutual savings banks are not federally insured.
C)Mutual savings banks are quite similar to savings banks.
D)Holding savings is the only financial service provided by mutual savings banks.

Question

Quizplus · Accepted Answer

Mutual savings banks are quite similar to savings banks in terms of their structure and services offered. They are typically community-based financial institutions that provide savings and lending services to their customers. However, unlike traditional commercial banks, mutual savings banks are owned by their depositors rather than shareholders, and profits are often reinvested back into the institution or shared with customers through higher interest rates on savings accounts. Additionally, mutual savings banks may have geographic limitations on the areas they serve, and account deposits may be insured by the FDIC or a similar entity but not necessarily federally insured.

Which of the Following Statements Is True Regarding Mutual Savings