Banks such as Bank of America serves a range of savers and borrowers are classified as

The correct answer is: B. commercial banks

Commercial banks are for-profit financial institutions that provide a variety of financial services to individuals and businesses, including checking and savings accounts, loans, and investment products. They are the most common type of bank in the United States.

Transfer banks, also known as correspondent banks, are banks that provide services to other banks, such as clearing checks and settling international payments.

Serving banks are banks that provide services to specific groups of people, such as farmers or small businesses.

Nation’s banks are banks that are owned by the federal government.

Here is a brief explanation of each option:

• Transfer banks are banks that provide services to other banks, such as clearing checks and settling international payments. They are also known as correspondent banks.
• Serving banks are banks that provide services to specific groups of people, such as farmers or small businesses.
• Nation’s banks are banks that are owned by the federal government.
• Commercial banks are for-profit financial institutions that provide a variety of financial services to individuals and businesses, including checking and savings accounts, loans, and investment products. They are the most common type of bank in the United States.