Thrift institution

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A thrift institution is a financial institution that obtains the majority of its funds from the savings of the public. The term can include several cooperative banking models;

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Financial institution Institution that provides financial services for its clients or members

Financial institutions, otherwise known as banking institutions, are corporations that provide services as intermediaries of financial markets. Broadly speaking, there are three major types of financial institutions:

  1. Depository institutions – deposit-taking institutions that accept and manage deposits and make loans, including banks, building societies, credit unions, trust companies, and mortgage loan companies;
  2. Contractual institutions – insurance companies and pension funds
  3. Investment institutions – investment banks, underwriters, brokerage firms.
Bank account collective name for all account types, credit institutions operates for their clients

A bank account is a financial account maintained by a bank or other financial institution in which the financial transactions between the bank and a customer are recorded. Each financial institution sets the terms and conditions for each type of account it offers, which are classified in commonly understood types, such as deposit accounts, credit card accounts, current accounts, loan accounts or many other types of account. A customer may have more than one account. Once an account is opened, funds entrusted by the customer to the financial institution on deposit are recorded in the account designated by the customer. Funds can be withdrawal from loan accounts.

A savings and loan association (S&L), or thrift institution, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans. The terms "S&L" or "thrift" are mainly used in the United States; similar institutions in the United Kingdom, Ireland and some Commonwealth countries include building societies and trustee savings banks. They are often mutually held, meaning that the depositors and borrowers are members with voting rights, and have the ability to direct the financial and managerial goals of the organization like the members of a credit union or the policyholders of a mutual insurance company. While it is possible for an S&L to be a joint-stock company, and even publicly traded, in such instances it is no longer truly a mutual association, and depositors and borrowers no longer have membership rights and managerial control. By law, thrifts can have no more than 20 percent of their lending in commercial loans — their focus on mortgage and consumer loans makes them particularly vulnerable to housing downturns such as the deep one the U.S. experienced in 2007.

A savings bank is a financial institution whose primary purpose is accepting savings deposits and paying interest on those deposits.

The savings and loan crisis of the 1980s and 1990s was the failure of 1,043 out of the 3,234 savings and loan associations (S&Ls) in the United States from 1986 to 1995: the Federal Savings and Loan Insurance Corporation (FSLIC) closed or otherwise resolved 296 institutions from 1986 to 1989 and the Resolution Trust Corporation (RTC) closed or otherwise resolved 747 institutions from 1989 to 1995.

Savings account type of account maintained by retail financial institutions

A savings account is a bank account at a retail bank whose features include the requirements that only a limited number of withdrawals can take place, it does not have cheque facilities and usually do not have a linked debit card facility, it has limited transfer facilities and cannot be overdrawn. Traditionally, transactions on savings accounts were widely recorded in a passbook, and were sometimes called passbook savings accounts, and bank statements were not provided; however, currently such transactions are commonly recorded electronically and accessible online.

Canada Deposit Insurance Corporation

The Canada Deposit Insurance Corporation is a Canadian federal Crown Corporation created by Parliament in 1967 to provide deposit insurance to depositors in Canadian commercial banks and savings institutions. CDIC insures Canadians' deposits held at Canadian banks up to C$100,000 in case of a bank failure. CDIC automatically insures many types of savings against the failure of a financial institution. However, the bank must be a CDIC member and not all savings are insured. CDIC is also Canada's resolution authority for banks, federally regulated credit unions, trust and loan companies as well as associations governed by the Cooperative Credit Associations Act that take deposits.

A mutual savings bank is a financial institution chartered by a central or regional government, without capital stock, that is owned by its members who subscribe to a common fund. From this fund claims, loans, etc., are paid. Profits after deductions are shared among the members. The institution is intended to provide a safe place for individual members to save and to invest those savings in mortgages, loans, stocks, bonds and other securities and to share in any profits or losses that result. The members own the business.

Federal savings associations, in the United States, are institutions chartered by the Office of Thrift Supervision which is now administered by Office of the Comptroller of the Currency after the agencies merged. Institutions chartered by the OTS are still regulated according to the rules and regulations of Federal Savings Banks. Mortgages issued by Federal Savings Banks are pursuant to the provisions of the Home Owners' Loan Act, a U.S. federal statute. Although the activities of federal thrifts were once confined primarily to taking deposits from consumers and making residential mortgage loans, federal thrifts are now authorized to offer a wide range of financial products and services.

Alterna Savings is a credit union founded in 1908 in Ottawa. It operates branches in Ontario and direct banking across Canada through its subsidiary Alterna Bank.

Retail banking, also known as consumer banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking. Banking services which are regarded as retail include provision of savings and transactional accounts, mortgages, personal loans, debit cards, and credit cards. Retail banking is also distinguished from investment banking or commercial banking. It may also refer to a division or department of a bank which deals with individual customers.

Financial Institutions Reform, Recovery, and Enforcement Act of 1989

The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s.

Cooperative banking type of retail or commercial bank organized cooperatively

Cooperative banking is retail and commercial banking organized on a cooperative basis. Cooperative banking institutions take deposits and lend money in most parts of the world.

Spanish Confederation of Savings Banks organization

The Spanish Confederation of Savings Banks is the representative body of savings banks in Spain.

Financial market participants

There are two basic financial market participant categories, Investor vs. Speculator and Institutional vs. Retail. Action in financial markets by central banks is usually regarded as intervention rather than participation.

Freedmans Savings Bank

The Freedman's Saving and Trust Company, popularly known as the Freedman's Savings Bank, was a private corporation chartered by the U.S. government to encourage and guide the economic development of the newly emancipated Negro communities in the post-Civil War period. Although functioning only between 1865 and 1874, the company achieved notable successes as a leading financial institution for negros. However, its failure was devastating to the newly emancipated negro communities. Its archives are valuable as a large collection of information regarding the applicants and what was known of them including some physical descriptions of complexion, where they were born and also names of family members in the immediate aftermath of emancipation. The bank maintained 37 offices in 17 states, and deposits peaked at $57 million from 70,000 depositors.

Aktia Bank Plc is a Finnish asset manager, bank and life insurer. Aktia serves its customers in digital channels everywhere and face-to-face in its offices in the Helsinki, Turku, Tampere, Vaasa and Oulu regions. Aktia is owned by Finnish savings bank foundations, institutions and private individuals. It has about 270,000 private customers and 20,000 corporate and institutional customers.

Provident Institution for Savings in the Town of Boston

The Provident Institution for Savings (est.1816) in Boston, Massachusetts, was the first chartered savings bank in the United States. James Savage and others founded the bank on the belief that "savings banks would enable the less fortunate classes of society to better themselves in a manner which would avoid the dangers of moral corruption traditionally associated with outright charitable institutions."

Dedham Institution for Savings

Dedham Savings is one of the oldest American banks still in operation and one of the oldest banks in the state of Massachusetts still doing business under its original charter.

Washington State Department of Financial Institutions is an agency of the State of Washington charged with regulating financial institutions including banks, and prevention of financial fraud such as bank fraud, credit card fraud and payday loan issues. It is authorized by Revised Code of Washington (RCW) Title 43, Chapter 320.