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Where Do You Keep Your Money?

I’m sure many people performing Google searches clicked here thinking this is some sort of banking blog. Sorry.

But all of you can stick around and discover the various places people keep their money. I’m not talking about long-term investments or property. I mean the places we keep money that’s readily available with no penalty.

We use the term “bank” to refer to all sorts of institutions that deal with money, but not every bank is a bank.

There are four major ones. The first is a bank. A bank holds, issues, exchanges or loans money and establishes credit.

The second is a savings and loan. It is not the same as a bank. An S&L is a cooperative  association organized to hold members’ savings in the form of dividend-bearing shares that get invested in home mortgage loans.

The third is a credit union. It is similar to a savings and loan in that it’s a cooperative, but it’s owned by the members and operated to promote thrift, and offer competitive credit rates and other financial services to its members.

The fourth one is your mattress.

Until next time! Use the right words!


October 10, 2011 - Posted by | Uncategorized | , , , , , , , , ,

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