Different Services Provided By Banks Flashcards
offer a wide range of services to meet the financial needs of individuals, businesses, and organizations.
BANKS
Banks offer various types of deposit accounts, such as savings accounts, checking accounts, and certificates of deposit (CDs). These accounts allow customers to safely store their money, earn interest on their deposits, and access funds
when needed.
DEPOSIT SERVICES
Banks provide loans and credit to individuals and businesses for various purposes, such as purchasing a home, financing a car, or expanding a business. Types of loans offered by banks include mortgages, personal loans, auto loans, and business loans.
LENDING SERVICES
Banks offer investment products and services to help customers grow their wealth and achieve their financial goals. These may include brokerage services, mutual funds, retirement accounts, and financial planning services.
INVESTMENT SERVICES
Banks facilitate the transfer of funds between individuals and businesses through services such as wire transfers, electronic funds transfers (EFT), and online bill payment. Banks also issue debit and credit cards that allow customers to make purchases and access funds conveniently.
PAYMENT SERVICES
Banks provide wealth management services to high- net-worth individuals and families, offering personalized investment advice, estate planning, and tax planning services to help clients preserve and grow their wealth.
WEALTH MANAGEMENT SERVICES
Banks offer insurance products, such as life insurance, health insurance, and property insurance, to help individuals and businesses protect against financial risks and uncertainties.
RISK MANAGEMENT SERVICES
Banks provide foreign exchange services to facilitate international trade and travel, allowing customers to exchange currencies, make international payments, and manage foreign exchange risk.
FOREIGN EXHANGE SERVICES
__________ play a crucial role in the economy by providing a wide range of financial
services that help individuals and businesses manage their money, invest for the future,
and achieve their financial goals.
BANKS
is a for-profit financial institution that offers loans to and accepts
deposits from the public, either businesses or individuals. Commercial banks play a
crucial role in the economy.
COMMERCIAL BANK
There are three main types of commercial banks:
public sector banks, private banks, and foreign banks.
This commercial banking system is a subset of the national central bank. The
government acts as the primary stakeholder in public sector banks, and they are an
extension of that governing body.
Public Sector Banks
Individuals or businesses primarily own ________. The government has little to no
involvement in these banks other than requiring that they follow central bank guidelines.
____________ are at liberty to devise their own financial strategies and often
make it a priority to meet each customer’s unique needs.
Private Sector Banks
Unlike public and private sector banks, __________ operate outside the nation in
which they are headquartered. They have locations worldwide and make nearly40
percentof all loans to American businesses.
FOREIGN BANKS
