Financial institutions help move money within the economy between customers, businesses, and government (p. 179). There are several types of financial institutions, including: trading, investment, mutual savings, credit unions, pension funds, life insurance, mutual funds, and hedge funds ( c-5:8). Each of the previously mentioned elements provides its own specific service. However, the main objectives of this research focus on commercial, offshore and credit union banks. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”?Get an original essayIn an article shared by J.Singh, a commercial bank “is a financial institution that performs the functions of accepting deposits from the large public and to give loans to invest with the aim of making profits”. Studies show that commercial banks offer many services whose main function is to accept, lend and transfer funds. There are three types of deposits: current deposits, term deposits and savings account deposits. Current deposits can be paid to account holders at any time, but no interest is added. With term deposits, funds can only be withdrawn until this fixed time expires, customers earn more interest with term accounts. Finally, savings accounts are primarily for account holders to save money. In addition, they are approved by the government (c-8, p. 179). But commercial banks still have advantages and disadvantages. According to Miriam C, commercial banks can contribute to the organizational growth of small businesses by establishing commercial accounts. Most companies work closely with commercial banks to obtain superior services. This financial institution also provides billing and custom services and makes deposits with other financial institutions to facilitate accounting practices. But these are nevertheless some disadvantages of commercial banks. Also, according to Miriam C, commercial banks cost much more than other institutions. Unnecessary fees are charged such as overnight deposits, many payroll services, and wired checks. These fees are unnecessary but this institution pays them anyway. In previous research, offshore banking occurs when companies or individuals deposit money in a foreign country where they do not live (Peter De Conceicao). According to Peter, offshore banks have similar practices to onshore banks. An individual can deposit funds and investment services are provided. This bank is located almost anywhere and accounts are opened through documentation of people's assets. In an article shared by Simon Danaher, some advantages of having an offshore bank are as follows: Offshore banks ensure that account holders' funds are secure based on jurisdiction rules. Besides, another advantage is the 24-hour daily service with the help of online and telephone banking. “Using an offshore bank can have advantages for expats, but their application in your case will depend on your personal circumstances, such as your country of residence.” According to Corr S. Pondent, offshore banks are expensive, which means you have to pay legal fees. “There are also certain minimum thresholds for..