Fractional reserve banking Which of the following statements about financial institutions in the U. S. are correct? Check all that apply. a. Commercial banks are the most common type of financial institution. b. Financial institutions are intermediaries between savers and borrowers. c. The public does not have direct access to financial institutions. d. The customers of commercial banks are primarily looking to finance major consumer purchases.

Answer (a ) & (b) are correct.

Explanation:

Commercial banks are the most common financial institution. Commercial bank accepts deposits from individual and companies and provide financial services like Term deposit receipts, deposits certificate, consumer loan, credit card etc. They are acting as intermediaries because the individual or company who have surplus cash make investment with banks in shape of TDRs, certificate of deposit etc for fixed period and in turn commercial banks lend out those funds to other individuals and companies who have shortage of funds or working capital. The difference between the deposit rate (Customer deposit) and lending rate (Loan rate offered/agreed with client) is primary profit of the bank.  

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