The type of services offered by a bank depends upon the nature of the bank and the country where the bank operates. The services provided by banks usually include checking accounts, saving accounts, and investment advice.
The main function of most banks is directly accepting deposits from the general public and providing check facilities for withdrawal purposes. The provision of the check facilities differentiates banks from other financial institutions.
Lending money to companies, individuals, the government, and other financial institutions is the second major activity of all types of banks. Banks play a vital role in the capital formation of a country through saving and investment functions. They pool the savings of the small investors and general public and utilize the funds by investing the companies or the government.
Banks also render services like facilitating money transactions such as wire transfers and cashiers checks, issuing credit cards and debit cards, and provisioning safe deposit boxes for the storage of valuables. Modern banks also provide sophisticated services like online banking, project financing, leasing, merchant banking, and personal banking. Online banking relieves the customers from time-consuming paper based banking transactions with the help of information technology. Personal banking provides technology-enabled and customized banking products like phone banking and Internet banking.
Banks may undertake merchant banking activities like managing issue of shares, their allotment, and the collection of share amounts on behalf of joint stock companies. Currently, most customers enjoy the benefits of ATMs (Automatic Teller Machines) where they can withdraw money from their accounts at any time.
Related Articles of Interest :
-
Banking
10 August 2010 8:30 PM |
No Comments
The word ‘bank’ is derived from the Italian word ‘banca’, which is derived from the German word for ‘bench’. Moneylenders in Northern Italy originally did business in open areas or open rooms where each lender worked from his own bench or table. The very first...
-
Personal Banking
10 August 2010 8:30 PM |
No Comments
Personal banking is similar to retail banking. The essence is that the products and services of the bank are tailored to meet individual banking and ancillary needs, including everything from a checking account to investment advice. The different products available through personal banking include checking...
-
Online Banking
10 August 2010 8:30 PM |
No Comments
Online banking, also known as PC banking, home banking, electronic banking or Internet banking, uses today’s computer technology to relieve the customer of the time-consuming, paper-based aspects of traditional banking in order to manage his or her finances more quickly and efficiently. Thanks to the...
-
Offshore Banking
10 August 2010 8:30 PM |
No Comments
An offshore bank is a bank located outside the country of residence of the depositor in a low- or no- tax jurisdiction. It provides financial and legal advantages like privacy, reduced legal restrictions, and protection against local political or financial instability. Offshore banking has increased...
-
Investment Banking
10 August 2010 8:30 PM |
No Comments
Investment banks, as opposed to commercial banks, assist public and private corporations in raising funds in the Capital Markets (both equity and debt), as well as in providing strategic advisory services for mergers, acquisitions and other types of financial transactions Indeed the original purpose of...
-
Business Financial Services
10 August 2010 8:30 PM |
No Comments
Banks provide their financial services to clients through personal online banking, making banking more convenient for individuals who may not have the time to go to banks. However, these services are not only offered to clients’ personal accounts but are also available to owners of...
-
Antigua Offshore Banking
10 August 2010 8:30 PM |
No Comments
For many commercial businesses, offshore banking has its attractions. Most people may raise their eyebrows at offshore banking and think it is illegal and unethical. But they cannot be further from the truth. Creating and depositing money in offshore banks are not illegal. In fact,...
-
Offshore Banking Accounts
10 August 2010 8:30 PM |
No Comments
For big corporations and even small companies and individuals, it helps to have an offshore bank account to protect cash assets from taxes. An offshore bank account also brings great flexibility to businesses when it comes to fast cash mobility and transactions that usually happen...
-
Banks
10 August 2010 8:30 PM |
No Comments
A bank is an institution that provides different types of financial services; this includes mainly taking deposits and offering credit. Currently, the term ‘bank’ refers to an institution that holds a banking license to conduct the most fundamental banking services, such as accepting deposits and...
-
Online Banking Services
10 August 2010 8:30 PM |
No Comments
The convenience of online banking starts with the possibility of setting up an account via the Internet. Once this is done, a customer will quickly learn that there are virtually no limits to how online banking can be gainfully exploited. Discovering the length and breadth...