Kaycie may be a new employee at a mutual savings bank. During orientation, she learned that mutual savings banks have limitations that are set by their Charter
What is that the purpose of a mutual savings bank?
Mutual savings banks were designed to stimulate savings by individuals; the exclusive function of these banks is to protect deposits, make limited, secure investments, and to supply depositors with interest.
A mutual savings bank may be a financial institution chartered by a central or regional government, without capital stock, owned by its members who subscribe a common fund. From this fund, claims, loans, etc., are paid. Profits after deductions are shared among the members.
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