Question

Which of the following is not a type of bank? (Everfi)

Answer 1

The correct option is PayDay Lender.  

Further Explanation:

PayDay Lender is not come under banks category and these are short term loans with high rates and value. Credit Unions are cooperative banks that are owned privately and controlled by their members. Online banks provide services like current account, savings account, debit card, credit card and net banking but they have not physical location near you. Retail banks are normal banks that are providing services like saving and current accounts, personal loans, credit cards and debit cards etc.

A bank is an institution authorized by the government to deal with international and domestic cash to receive money and provide loans to the people. The main services provided by the banks are debit card, credit card, net banking, mobile banking, cheques, withdrawal money , deposit money, issuing demand drafts, online payment etc.

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Answer details:

Grade: High School

Subject: Business

Chapter: Banking System

Keyword:

PayDay Lender, credit union, online bank, retail bank, bank, credit card, debit card, net banking, mobile banking, one time password, account number, saving accounts, current account, high rates, physical location, cheque, withdrawal, deposit, services, cash

Answer 2

Answer

Pay Day Lender

Explanation

A bank is a financial institution which is authorized by the government to accept deposits inform of cash or cheque from the public who are the customers, and it creates a credit. It saves money to for the customers and also provides security for the customers money. It also lends money to the customers as loan where they pay with interest within a given time. There are many types of banks which include credit unions, online banks,industrial, agricultural, retail banks and many others.