Choose the statement that is incorrect.
A)A chartered bank is a private firm, chartered under the Bank Act of 1992 to receive deposits and make loans.
B)A credit union is a cooperative organization that operates under the Co-operative Credit Association Act of 1992.
C)A caisse populaire is similar to a credit union.
D)Trust and mortgage loan companies receive deposits, make loans, and act as trustee for pension funds and for estates.
E)Trust and mortgage loan companies have the bulk of the deposits in M1 and M2.

Question

Quizplus · Accepted Answer

Trust and mortgage loan companies do not have the bulk of the deposits in M1 and M2, as they primarily deal with mortgages, loans, and serving as trustees, rather than receiving deposits.

Choose the Statement That Is Incorrect