What is another word for building and loan associations?
Pronunciation: [bˈɪldɪŋ and lˈə͡ʊn ɐsˈə͡ʊsɪˈe͡ɪʃənz] (IPA) 
Building and loan associations, also known as savings and loan associations or thrift institutions, are financial institutions that offer loans and mortgages to members who save money with them. These institutions were initially established in the late 19th century to provide working-class individuals with a means of saving money and securing affordable housing.
Alternative synonyms for building and loan associations may include:
1. Cooperative banks: These are financial institutions operated by their members for their mutual benefit.
2. Credit unions: These are non-profit financial organizations owned by its members who share a common bond, such as working at the same company.
3. Mutual savings banks: These are financial institutions that function similarly to traditional banks, but are owned by their depositors.
Overall, building and loan associations are vital to the financial lives of many middle-and working-class individuals and families, and their synonyms reveal different ways in which they are understood and administered.
