What are the differences between financial and non-financial institutions?

Financial institutions, called deposit institutions, include commercial banks, savings and loan associations (S&Ls), mutual savings banks, and credit unions. Non-deposit financial institutions include insurance companies, investment companies (mutual funds), brokerage firms, credit card companies, finance companies, and “alternative” financial services such as payday lenders, pawnshops, rent-to-own businesses, and check-cashing outlets.

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