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FI or Financial Institution


Banks offer financial services from savings to loans to insurance.
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Definition: FI is the acronym for financial institution.

Financial institutions are often used for saving money in an insured place like a bank or credit union. FIs also lend money in the form of a mortgage, auto or personal loan, and some offer investment and retirement accounts like money market checking or IRAs. Some offer special savings accounts, like Christmas or children's savings accounts, and some offer life or other insurance packages.

In addition to credit unions and banks, financial institutions include investment brokerages, mortgage lenders, some online bill pay, and PayPal and similar services.

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