Banks and Credit Unions
Where’s the best place to park your cash? Let’s first talk about the two types of financial institutions at which you can open insured accounts—banks and credit unions. Later in the book, we’ll discuss some places where you can have uninsured cash accounts.
What are banks? Banks are either publicly held companies, meaning that they are owned by shareholders, or private companies. Banks, like all companies (both publicly held and private ones), exist to make a profit. They use the money that their customers deposit with them to invest in ventures that they hope will make more of a profit for themselves. In ...
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