Savings and loan associations, mutual savings banks, and credit unions are known collectively and specifically as: Thrift institutions.
Thrift institutions can be defined as a financial institution which rendered banking services by accepting deposit, giving out loans, mortgages among others.
This type of financial institution enables their client to save their money and to as well borrow money in which the borrower is expected to pay back the financial institution within a stipulated period of time.
Therefore savings and loan associations are known as thrift institution.
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