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LAs you have read, and may agree, “the large number of banks in the commercial banking...

LAs you have read, and may agree, “the large number of banks in the commercial banking industry and the absence of a few dominant firms suggests that commercial banking is more competitive than other industries”. Yet many of us prefer the “Thrift Industry” selection. Why? Which institutions do you prefer and why? Are others in this class using different financial institutions than yourself affecting rates you receive? How did you decide on where you bank now, and why is it better than everyone else’ choice? What are the rest of us

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Answer #1

Thrifts refers to loans and savings association. It also refers to credit unions and mutual savings banks that provide a variety of saving and loans services. Thrifts differ from commercial banks in that they can borrow money from the Federal Home Loan Bank System, which allows them to pay members higher interest due to which it is more attractive to customers.I prefer Thrifts as they provide insurance and also higher savings interest rate. Commercial Banks are options. Banking of savings depend upon insurance and interest receiving. Rest is secondary choice like customer service, mobile apps, less service charges or less interest on loan etc.

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