Which institution typically provides services like checking accounts, savings accounts, and auto loans for individuals?

The correct answer is that retail banks typically provide services like checking accounts, savings accounts, and auto loans for individuals. Retail banks are designed to cater to individual consumers, offering a variety of financial products and services tailored to everyday banking needs. This includes not only basic accounts for day-to-day transactions and saving opportunities but also loans for purchasing vehicles, which help customers manage their financing needs effectively.

While depository financial institutions do include retail banks, they also encompass other types of financial institutions that accept deposits. Commercial banks provide similar services but are often larger institutions that may focus on business needs alongside individual services. Credit unions are member-owned financial cooperatives that may offer competitive rates and personalized service, but they often require membership eligibility based on specific criteria, thus being distinct from retail banks. Retail banks stand out as the conventional choice for personal banking services.