Banking Services
The banking industry is a highly regulated industry with detailed and focused regulators. Nowadays, banks have developed their activities in financial instruments, through financial market operations such as brokerage and trading. It has also introduced variety of banking services which are explained here in this article.
Generally common banking services include keeping money safe while also allowing withdrawals when needed, Provide personal loans, commercial loans, and mortgage loans, Allow financial transactions at branches or by using Automatic Teller Machines, Issuance of cheque books so that bills can be paid and other kinds of payments can be delivered by post etc.
Personal banking services offered by almost all banks are bank card services like ATM cards, investment and trust services, Internet and phone banking, home and personal loans, direct deposits, and safe deposit boxes and some private investment banking such as share investment, etc. Safe deposit boxes can be used to store valuable jewellry and important documents. Banks may offer a free safe deposit box to customers who maintain a certain minimum balance in one of their accounts or have multiple accounts with the bank.
Private banking services are those provided exclusively to privileged customers, usually individuals of high net worth. These services include trust, private investment banking, banking and tax services. Private banking services range from investment advice to securities safekeeping and lending, in short, personalized asset management.
Electronic banking is the latest popular banking service which refers to the transfer directly from one account to another. Some electronic banking services are ATMs, direct deposit and withdrawal services, pay by phone systems, web banking or PC banking services, even banking from your mobile phone. Electronic banking offers consumers the convenience of accessing and transferring funds between their accounts, paying their bills and other purchases, twenty four hours a day, seven days a week. Digital cheques are used with electronic bill paying services. Consumers can use personal finance software packages or they can use software provided by a bank.
Thus, these variety banking services has made banking transactions very easy and convenient for the customers with more control over their transactions.