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Life in the USA is a complete guide to American life for immigrants and Americans. All materials on this siteCopyright © Elliot Essman 2007. All rights reserved. Home Back Next
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Life in the USA Personal Finance Banks
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Banks
The two institutions you will deal with most are banks and savings and loan (or "thrift") associations. These institutions differ largely in the types of loans they give. For the consumer, there is little difference. We'll call them both "banks" here for convenience. Banks are usually open for business from Monday to Friday, 9:00 am to 3:00 pm. They do not close for lunch. Some banks have Saturday and evening hours.
Choose a bank that is insured (up to $100,000 of your deposits) by the Federal Deposit
Insurance Corporation (FDIC) or the Federal Savings and Loan Insurance Corporation
(FSLIC). Many banks and thrift institutions in the United States have failed in the last few
years, so it's wise to be careful. Chose a bank that has a reputation for stability. Convenience
is also a factor. Many large banks have branches everywhere. But small banks can offer
personalized service and a friendly atmosphere--and sometimes lower fees.
Next Section: Types of Bank Accounts Personal Finance: Chapter Home
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