Types Of Banking Services

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A bank is a financial institution that provides clients and customers with financial services which help them direct their lives in a better way. With advancements in technology and increase in competition, these days, banks are presenting many different kinds of services. There are various kinds of banking services available which are listed as follows –

Types Of Banking Services

Individual Banking –

  • Almost all banks provide different services to help out individuals in directing their financial needs, which are:
  • Saving accounts which help us save for future purposes and accumulate on interest.
  • Checking accounts which are more suitable for day to day transactions.
  • Credit cards which extend a credit to its customers made tempting with reward and
  • Debit cards draw on funds already existing and thus help controls spending
  • Wealth management in which the bank basically helps out with financial planning,
  • Banks provide a variety of different kinds of insurances needed like life, home etc loyalty points and investment portfolios.

Business Banking –

Banks also provide services for owners of businesses who usually need to separate their personal and professional funds. San Francisco Bank offers all the types of banking. The business banking services are:

  • Saving accounts
  • Checking Accounts
  • Banks provide small business loans with varying repayment terms and interest
  • Credit and Debit Cards
  • Cash management which includes deposit services, payroll services etc. It is a terms.
  • Merchant services which include check collecting, processing of credit card and general marketing term also called treasury management for particular services linked to flow of cash provided mainly to large business clients, reporting and reconciliation. They tailor make merchant services to help clients in attaining their business targets.

Digital Banking –

These days everything is done with a touch of a key. We can manage our funds and finances online with the help of computers, smartphones, tablets etc. Hence most banks naturally provide digital banking services with:

  • Mobile and Online banking
  • SMS’s or text alerting where any transaction alert is given through messages or texts.
  • Mobile check depositing wherein we just have to take a picture of both sides of the check and submit it.
  • Online bill payments for utility bills etc.
  • eStatements where monthly or quarterly statements are sent to registered emails.

Loans-

Loans are another common service provided:

  • Personal loans
  • Home equity lines of credit
  • Home equity loans
  • Home loans
  • Business loans

Understanding the services provided helps us as customers to know our needs and decide which kind of service we want to opt for.