Freddie Mac's CreditSmart Corriculum is a complementary curriculum to help consumers understand, build and maintain better credit.

Building credit and saving money to achieve your long-term goals takes time, discipline and patience. A good way to begin is to understand the basics of banking and how to establish a relationship with a financial institution.

This module will help you to:

1. Understand the difference between the major types of financial institutions

2. Understand basic banking terms

3. Differentiate between financial institutions and check cashing services

4. Understand the various types of bank accounts and banking services

5. When you complete this module, you'll be able to begin using the services of a financial institution.

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Bank: A federally regulated financial institution that makes loans, cashes and pays checks, accepts deposits and provides other financial services.

Credit Union: A federally regulated, not-for-profit cooperative financial institution that is owned and controlled by the people who use its services. Credit unions serve groups that share something in common, like where they work or go to church. You have to become a member of a credit union to bank there.

Thrift: A federally regulated savings bank or savings and loan association that is similar to a bank. While banks offer a wide array of services, a thrift's main business is to make home loans.

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