Question

You noticed a mistake: Your own records do not match the bank statement you just Lupe is a student who wants to open a bank account.

Which type of bank is most likely the best option for her needs?

a retail bank
a savings and loan
a commercial bank
an investment bank

Answer 1

The type of bank which is most likely the best option for Lupe's needs is: A. a retail bank.

The types of banks.

Generally speaking, there are different types of banks and these include the following:

• Savings and loan
• Commercial banks
• Investment banks
• Merchant banks.
• Micro-finance banks (MFBs)
• Non-Interest banks
• Retail bank

What is a retail bank?

A retail bank is also referred to as personal banking or consumer banking and it can be defined as a type of bank that is saddled with the responsibility of providing banking services to individuals, small businesses and the general public, rather than to large companies, corporations, business organizations, or other financial institutions (banks).

In this context, we can reasonably infer and logically deduce that Lupe should open a bank account with a retail bank because she is a student and not a corporation.

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