Money is protected by banks and they provide credit, loan, and payment services like debit cards, checking account, and cashier's checks. Investment and insurance products are also provided by banks.
Activities of bank can be divided into retail banking, business banking, private banking, high net worth individuals and private banking.
1. Retail banking: It represents the banking in which banking institutions carryout transactions directly with customers, instead of other banks or corporations. It offers services like checking-accounts, saving accounts, personal loans, mortgages, credit cards, debit cards and so on.
There are many types of retail bank such as:
2. Business banking: A Business bank is also called as Commercial bank. It is a type of bank. Saving accounts, checking accounts, money market accounts are provided by commercial bank. And it accepts time deposits. Under U.S law, commercial bank refers to a division of a bank or a bank dealing with loans and deposits from large businesses or corporations. Commercial bank is different from retail banking, many banks offer both retail banking and commercial banking services.
3. Private banking: Private banking a term for investment, banking, and other financial services supported by banks to private individuals for investing assets.
4. High net worth Individuals: High net worth Individual is a person with a high net worth. These individuals are defined as possessing investable assets in excess of US $ 1 million.
Activities of bank can be divided into retail banking, business banking, private banking, high net worth individuals and private banking.
1. Retail banking: It represents the banking in which banking institutions carryout transactions directly with customers, instead of other banks or corporations. It offers services like checking-accounts, saving accounts, personal loans, mortgages, credit cards, debit cards and so on.
There are many types of retail bank such as:
- Commercial banks
- Community banks
- Postal saving bank
- Private bank
- Offshore bank
- Saving bank
2. Business banking: A Business bank is also called as Commercial bank. It is a type of bank. Saving accounts, checking accounts, money market accounts are provided by commercial bank. And it accepts time deposits. Under U.S law, commercial bank refers to a division of a bank or a bank dealing with loans and deposits from large businesses or corporations. Commercial bank is different from retail banking, many banks offer both retail banking and commercial banking services.
3. Private banking: Private banking a term for investment, banking, and other financial services supported by banks to private individuals for investing assets.
4. High net worth Individuals: High net worth Individual is a person with a high net worth. These individuals are defined as possessing investable assets in excess of US $ 1 million.
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