Services offered by savings and loans banks, credit unions, and mutual savings banks were at one point not as similar today as they once were. These banks are all Depository Intermediaries but are a little different. Savings and Loan Associations also known as S&Ls are institutions that are either state or federally chartered and focus on real estate lending. Mutual Savings Banks sometimes called thrift institutions which are owned by depositors and are state chartered institutions which are similar to S&Ls. They to focus on real estate but are granted more powers. Credit Unions like S&Ls and Mutual Savings Banks are owned by depositors but are not-for-profit financial institutions that exist solely for the benefit of their members.

Back in the days of the 19th century banking was something only done by those that had a lot of money and assets which they needed to...