Banking plays a major role in finances and money management. The term "banking" covers many services and functions that relate to the movement or securing of money. It can cover traditional banking needs like loans, credit cards, and much more. You can learn more about some of the different aspects of banking in this article.
There are different types of banks to choose from
Retail Banks: A retail bank is one that offers a lot of banking services to individuals, businesses, and other entities. They can offer checking accounts, savings accounts, in-person and online banking capabilities, mortgages, personal loans, and more.
Investment Banks: An investment bank is one that specializes in helping corporations raise capital through activities such as facilitating mergers and acquisitions.
Credit Unions: A credit union is a member-owned financial cooperative that runs much like retail banks. However, there will often be a strong focus on a particular community or group. For example, some credit unions are available to past and present employees of a certain company or to those who reside in a certain county.
Banks can offer many types of financial services or products
Deposit Accounts: Deposit accounts include checking and savings accounts.
Loans: Examples of types of loans you may be able to get from the bank include an auto loan, a mortgage loan, and a personal loan.
Credit Lines and Credit Cards: Another type of product a bank can offer is a credit line. This is a line of credit that you can access if and when you need it. Also, you may be eligible for a credit card that's issued by your bank. In some cases, the credit card you get from your own bank can offer you the best interest rates.
Payment Services: Anyone who runs a small business may be interested in learning about the payment services their bank offers. The bank may offer card readers so that the small business owner's clients can swipe their credit and debit cards, and the payment will then go into the business's bank account.
Online Banking: Most banks now offer some form of online or mobile banking. This has become one of the more common ways that people go about banking. With an online or mobile bank account, customers will be able to do things like make electronic deposits, check their balances online, transfer money with their device, and pay their bills online.
For more information on banking services, contact a professional near you.