Financial institutions help with the flow of money within the economy between customers, businesses, and government (p. 179). There are several types of financial institutions including: commercial, investment, mutual savings, credit unions, pension funds, life insurance, mutual funds, and hedge funds (c-5:8). Each of those previously indicated contributes its own specific service. However, in this research the main objectives are focused on commercial, offshore banks and credit unions. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get Original EssayIn an article shared by J.Singh a commercial bank “is a financial institution which performs the functions of accepting deposits from the general public and giving loans for investments with the objective of earning profits”. Studies show that banks Merchants offer numerous services whose main function is to accept, lend and transfer funds. Three types of deposits are current deposits, time deposits and savings account deposits. Current deposits can be paid to account holders at any time, however no interest is added. With fixed deposits the funds can be withdrawn only until the stipulated time expires, customers get more interest with fixed accounts Finally, savings accounts are mainly for account holders to save money. they are established by the government (c-8, page 179). However, commercial banks have advantages and disadvantages. According to Miriam C, commercial banks can assist in the organizational growth of small businesses by setting up commercial accounts. Most companies work closely with commercial banks for superior services. This financial institution also provides invoicing and custom services and makes deposits to other financial institutions to help with accounting practices. But, nevertheless, there are some disadvantages of commercial banking. Furthermore, according to Miriam C, commercial banks are much more expensive than other institutions. Unnecessary fees such as overnight deposits, numerous payroll services, and transferred checks are charged. These charges are not necessary but this institution makes them anyway. In previous research an offshore bank is when companies or people deposit money in a foreign country they do not live in (Peter De Conceicao). According to Peter, offshore banks adopt similar practices to those of onshore banks. An individual can deposit funds and investment services are provided. This bank is found almost everywhere and accounts are opened by documenting 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 protected according to jurisdictional rules. Furthermore, another advantage is the 24/7 daily service with the assistance of online and telephone banking services. “There may be benefits for expats in using an offshore bank, but whether these apply to you will depend on your personal circumstances, such as your country of residence.” According to Corr S. Pondent, offshore banks are expensive and this means that legal fees also have to be paid. “There are also some minimum thresholds for investing in companies. And the host country may require investors to own property in the country.” Please note: this is just an example. Get a custom paper from our expert writers now. Get a Custom Essay Finally, according to Joseph Wright credit unions are “co-.