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Published byHerbert Long Modified over 7 years ago
A bank is business just like a store or factory Sells services such as checking, and payment accounts, savings accounts, loans, and investments. Banks are regulated more strictly than most other businesses.
Banks for banks Supervises and regulates member banks Helps banks serve the public efficiently US divided into 12 Federal Reserve districts
Holding of reserves Clearing checks in different cities
Deposits do not remain idle in banks. When you deposit money in the bank, you are helping to create jobs and economic growth.
Accept deposits from people and businesses and use them to finance their business. Commercial Banks – wide range of services Savings & Loans – savings and loans for home mortgages Mutual savings banks – owned and operated for the benefit of its depositors. Credit Unions – user-owned, not-for- profit, cooperative financial institution.
Do not take or hold deposits Life Insurance Company Investment Companies Consumer Finance Companies Mortgage Companies Check-Cashing outlets Pawnshops
Services Safety – FDIC Convenience Fees and Charges Restrictions
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