Wich type of financial institutions typically has a membership requirement ? A. Federal reserve bank B. Credit union C. Commercial bank D. Inline commercial bank
Business · Middle School · Mon Jan 18 2021
Answered on
B. Credit union
Credit unions typically have a membership requirement. Credit unions are financial institutions that are member-owned and operated. To become a member of a credit union, individuals usually need to meet certain criteria, such as belonging to a specific community, being employed by a particular company, or having a common affiliation or bond. This membership requirement distinguishes credit unions from commercial banks, which generally do not have such strict membership criteria. The Federal Reserve Bank (option A) is the central banking system of the United States and is not a member-owned institution. "Inline commercial bank" (option D) is not a standard term in the context of financial institutions.