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Types of Banking Services


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Banking

Finance is the science that deals with the business of money. It includes banking systems and their activities. It also includes economic concepts such as national income theory, monetary concepts such as interest and money growth, business cycles, balance of payment theory, economic growth considerations, and planning for the public. It also takes into account the management of assets, liabilities, capital, revenues, costs, and operating funds. In addition to all this, it also has to deal with economic policies such as price control, government loans, central banking, free credit, monetized debts, fiscal policy, and trade policy. Finance is one of the major elements of the science of economics.

 

The banking industry is a network of banks that provides a safe place for storage of credit and other hard money. It offers checking accounts, savings accounts, certificate of deposit, and savings bonds. It also provides loans to businesses which they use to expand their business. In addition to all these, banks use these assets to generate investments for the growth of the economy.

 

There are several types of banks. For example, there are Savings and Loan, Security Bank, Community Bank, Credit Union, Branch Banking, Merchant Bank, National Bank, Trustee Bank, Savings and Loan Syndicates, Discount Bank, Currency Broker, International Broker, and Home Improvement Bank. Savings and Loans are branches of banking. Home Improvement Banks, on the other hand, is wholesale money lending institutions. They specialize in home mortgages, car loans, debt consolidation, personal loans, payday loans, business cash advances, consumer credit lines, commercial cash advances, and negotiable securities sales. All these services and more are offered by community banks.

 

The Commercial Banks on the other hand, are financial organizations or bank holding companies specialized in providing short-term and longer-term loans to businesses and individuals. They have access to both retail and wholesale banking and money-lending activities. The wholesale and retail banking provides business cash advances, business lines of credit, consumer credit lines, commercial cash advances, investment loans, CDs, mortgage loans, and community development loans. On the other hand, the Commercial Banks also provide savings accounts, investment loans, business loans, CD's, and negotiable securities sales.

 

On the other hand, there are several types of Small Business Banks. They differ in terms of services, features, location, and regulation. Small banks are commonly preferred by small businesses because they offer low interest rates. They can be easily accessed by mail, fax, or Internet.

 

Another group of financial crisis financing includes Investment Banks. They specialize in raising money for business or individual use. Some examples of investment banks include mutual funds, bond markets, and insurance companies.

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