Can You Identify And Explain The Types Of Financial Institutions?

There are various types of financial institutions depending upon the services they offer like Banks, Credit Unions, Insurance Companies, Savings and Loan Associations, Finance Companies, Trust Companies and Mortgage Companies. On the basis of their assets and liabilities financial institutions are classified into three categories. First category of financial institutions include Depository institutions which include Commercial banks, Savings and loans associations, mutual saving funds and credit unions. Second category of financial institutions include Contractual saving institutions which are Life insurance companies, fire and casualty insurance companies, pension funds and government retirement funds. Third category of financial institution is Investment intermediaries. These institutions include finance companies, mutual funds and money market mutual funds.