Would a bank be a for-profit business, or can it be considered both a for-profit and non-profit?
2006-12-11 05:14:27 · 9 answers · asked by Mali 1 in Business & Finance ➔ Other - Business & Finance
Many banks are publicly traded on the stock exchanges. Therefore they are For-Profit. For a non-profit alternative, check out your local credit union.
2006-12-11 05:22:19 · answer #1 · answered by Richard H 7 · 0⤊ 0⤋
perhaps a bank can have a foundation within it and that part of it can be considered non profit.
however, the usual purpose of a bank is to make a profit by lending out money for interest which does not fall under the guidelines for non profits under IRS code section503c
2006-12-11 13:19:02 · answer #2 · answered by goldenboyblue 3 · 0⤊ 0⤋
Banks are for profit unless they are credit union banks in which case they are non-profit. By the way, you can make a profit and still be "non-profit".
2006-12-11 13:16:56 · answer #3 · answered by Anonymous · 0⤊ 0⤋
For profit, of course. Do you need to ask? Many banks also do a lot of social work, but I think it also has a lot to do with tax relief.
2006-12-11 13:18:38 · answer #4 · answered by Allabor 3 · 0⤊ 0⤋
they are a for profit business
2006-12-11 13:16:33 · answer #5 · answered by SKYDOGSLIM 6 · 0⤊ 0⤋
Sure enough, no profit - no bank.
2006-12-15 10:00:31 · answer #6 · answered by Jaff 4 · 0⤊ 0⤋
Um go to any major city. All the big buildings, who are they owned by? BANKS. Go to a stadium, a ball park, wall street, a convention center. Who is the sponsor? a BANK!!!! Who owns credit card companies? BANKS. Thanks for the 2 points!!! This was the easiest question ever!
2006-12-11 13:18:04 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Yes. It is for-profit. They make money and their purpose is to make money.
2006-12-11 13:17:18 · answer #8 · answered by Mama R 5 · 0⤊ 0⤋
All or most banks are big business, very big business.
2006-12-11 13:20:09 · answer #9 · answered by ? 6 · 0⤊ 0⤋