[ Browse by Service Category : Community Economic Development and Finance : Sub-Topics of Banking and Financial Services (32) ]

Financial Institutions

Organizations whose business is to receive money on deposit, cash cheques or drafts, discount commercial paper, make loans, issue promissory notes payable to the bearer, and/or accept payments for bills. Included are banks and savings and loans as well as other institutions that provide an alternative to the traditional banking system; nondepository institutions such as insurance companies, brokerage firms and mutual fund companies that sell financial products; and other types of organizations including businesses that serve as bill payment locations or offer other services related to finance.

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Financial Services

Financial organizations that allow people to open and maintain chequing and savings accounts, borrow and exchange money, purchase money orders, cash third-party cheques and engage in other financial transactions.

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The purposes for which grant dollars provided by foundations and other funding organizations are designated (e.g., capital support, endowments, research) and/or the types of activities organizations engage in to fund their programs (e.g., nonprofit retail stores).

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The above terms and definitions are part of the Taxonomy of Human Services, used here by permission of INFO LINE of Los Angeles.

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