Final answer:
A federal or state chartered financial institution that accepts deposits and is profit-seeking is known as a commercial bank, offering various accounts and making loans.
Step-by-step explanation:
A federal or state chartered profit-seeking financial institution that accepts deposits from individuals and businesses is known as a commercial bank. These institutions provide services such as checking accounts, savings accounts, and making loans. Commercial banks play a crucial role as financial intermediaries in the economic system, coordinating the supply and demand in the financial capital market. As depository institutions, commercial banks allow for deposits and facilitate financial transactions for both personal and business purposes, thus contributing to the monetary stability and economic growth.