Banking Basics. Wise! Review. What is a Bank?. Banks are a type of financial institution. A financial institution is any organization that provides services related to money. Protect money Lending money Issuing money Sending money from one place to another Keeping track of money
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Banks maybe classified by how large of an area in which they operate
Online banking, also known as home banking, allows customers to conduct financial transactions on a secure website operated by their bank.
Ability to review information rather than make a transaction. Viewing checking account balances, viewing recent transactions, downloading bank statements, and seeing and printing images of paid checks.
By offering these services, borrowers, savers, buyers, and sellers are able to successfully transact their business. Banking expands the economy and provides jobs, income, investment returns, and tax revenues that benefit all.
Banks provide physical security as well as electronic security of our money. In addition, federal deposit insurance protects our money in the event of a bank failure ($250,000 per type of account)
Think of money like a river, if it flows slowly it take a long time to transfer money between individuals, businesses, and governments. If money moves slowly, the economy also slows down.
Financial institutions are businesses that offer financial services
Do not accept deposits, although they may make loans. Non-depository institutions accept money from their customer to invest in business deals.
Fees are a large source of income for banks