Retail banking refers to banking in which banks undergo transactions directly with consumers, rather than corporations or other banks. Services offered include: savings and checking accounts, mortgages, personal loans, debit cards, credit cards, and so forth. Savings accounts are accounts maintained by retail Financial institutions that pay Interest but can not be used directly as Money (by for example A transactional account ( North America: checking account or chequing account, United Kingdom and some other countries current account A mortgage is the pledging of a property to a Lender as a security for a Mortgage loan. An unsecured loan is a Loan that is not backed by collateral. A debit card (also known as a bank card) is a plastic card which provides an alternative payment method to Cash when making purchases A credit card is part of a system of Payments named after the small Plastic card issued to users of the system
Types of banking
- Commercial bank has three meanings: (only 2)
- Commercial bank is the term used for a normal bank to distinguish it from an investment bank. A commercial bank is a type of Financial intermediary and a type of Bank. (After the great depression, the U. S. Congress required that banks only engage in banking activities, whereas investment banks were limited to capital markets activities. This separation is no longer mandatory. )
- Commercial bank can also refer to a bank or a division of a bank that mostly deals with deposits and loans from corporations or large businesses, as opposed to normal individual members of the public (retail banking). It is the most successful department of banking.
- Community development bank are regulated banks that provide financial services and credit to underserved markets or populations. In the United States, Community development banks (CDBs are Banks designed to serve residents and spur economic development in low- to moderate-income (LMI geographical
- Private banks manage the assets of high net worth individuals. Private banks are Banks that are not incorporated. A non-incorporated bank is owned by either an individual or a general partner(s with limited partner(s
- Offshore banks are banks located in jurisdictions with low taxation and regulation. An offshore bank is a Bank located outside the country of residence of the depositor typically in a low tax jurisdiction (or Tax haven) that provides financial Many offshore banks are essentially private banks.
- Savings bank accept savings deposits. A savings bank is a Financial institution whose primary purpose is accepting Savings deposits In common usage saving generally means putting money aside for example by putting money in the bank or investing in a Pension plan
- Postal savings banks are savings banks associated with national postal systems.
See also
References
- Tiwari, Rajnish and Buse, Stephan (2006): The German Banking Sector: Competition, Consolidation and Contentment, Hamburg University of Technology (TU Hamburg-Harburg)
- Brunner, A. A banker or bank is a Financial institution whose primary activity is to act as a payment agent for customers and to borrow and lend money Banking in the United States has occurred under a series of laws passed by the federal and state governments Predictive analytics encompasses a variety of techniques from Statistics and Data mining that analyze current and historical data to make predictions about future , Decressin, J. / Hardy, D. / Kudela, B. (2004): Germany’s Three-Pillar Banking System – Cross-Country Perspectives in Europe, Occasional Paper, International Monetary Fund, Washington DC 2004.
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