The functions of banks are divided into two that is primary also known as banking and secondary functions. The primary functions carried out by the bank are also the main functions. The primary functions are accepting deposits and issuing out of loans and advances. These roles are looked at in detail below. In Washington dc banks carry out these and many more functions depending on the type of bank one opens an account with.
The first type is retail banking which offer basic services and products to their clients. These are profitable banking systems that save and check their clients accounts, issue out loans and receive repayments. They also give advice and assistance to their customers on money related matters and types of accounts available.
However one is not able to get access to chequebooks and bank overdraft when they open this type of account. Interest rates that clients get when they deposit money and due to the number of transactions they carry out are lower as compared to other accounts. For easy withdrawing of money ATMs are given to customers and the fee charged is low.
Current accounts are also customized to be used daily by customers in payments of cash, money withdrawals among others. With this type of account a debit card is issued out to customers making it easy for them to access money from anywhere where there is an ATM machine. These debit cards can also be use by clients in making payments in supermarkets, petrol stations among other business forms that allow this kind of payment.
The secondary functions of the bank are also known as non-banking roles. One of these secondary roles is the banking institution acts as an agent for its customers. The financial institution as an agent will transfer funds from one branch to another, make periodic collections like of salaries and payments for example electricity and water bills, collect cheques and among other agency roles on behalf of its client. This role is only carried out with the clear knowledge about it and acknowledgement by the customers.
Investment banking has a wide range of products and services for their customers. These products are advertised in the media and online so that clients can be able to know more about them. Services providers provide foreign exchange services, security in terms of equity and act as agents to the clients when securities are being issued. Their clients can also consult them about the types of businesses to invest in and the money that is needed. Companies that want to merger can seek advice from investment ventures, they will also be advised about acquisition of property.
In recent years online banking has become very common and the best type of banking institutions as the make banking easy for their clients. These kinds of ventures do not usually branches that are of the brick and mortar system. Bank transactions are done through the internet including opening of accounts checking account balances among others.
These financial institutions not only keep your money and other valuables safe they also advise you accordingly. To ensure satisfaction among their clients in Washington dc banks will ensure that their services are of high quality, sufficient and very effective. These banks are very easy to access and all customers financial needs will be catered for.
The first type is retail banking which offer basic services and products to their clients. These are profitable banking systems that save and check their clients accounts, issue out loans and receive repayments. They also give advice and assistance to their customers on money related matters and types of accounts available.
However one is not able to get access to chequebooks and bank overdraft when they open this type of account. Interest rates that clients get when they deposit money and due to the number of transactions they carry out are lower as compared to other accounts. For easy withdrawing of money ATMs are given to customers and the fee charged is low.
Current accounts are also customized to be used daily by customers in payments of cash, money withdrawals among others. With this type of account a debit card is issued out to customers making it easy for them to access money from anywhere where there is an ATM machine. These debit cards can also be use by clients in making payments in supermarkets, petrol stations among other business forms that allow this kind of payment.
The secondary functions of the bank are also known as non-banking roles. One of these secondary roles is the banking institution acts as an agent for its customers. The financial institution as an agent will transfer funds from one branch to another, make periodic collections like of salaries and payments for example electricity and water bills, collect cheques and among other agency roles on behalf of its client. This role is only carried out with the clear knowledge about it and acknowledgement by the customers.
Investment banking has a wide range of products and services for their customers. These products are advertised in the media and online so that clients can be able to know more about them. Services providers provide foreign exchange services, security in terms of equity and act as agents to the clients when securities are being issued. Their clients can also consult them about the types of businesses to invest in and the money that is needed. Companies that want to merger can seek advice from investment ventures, they will also be advised about acquisition of property.
In recent years online banking has become very common and the best type of banking institutions as the make banking easy for their clients. These kinds of ventures do not usually branches that are of the brick and mortar system. Bank transactions are done through the internet including opening of accounts checking account balances among others.
These financial institutions not only keep your money and other valuables safe they also advise you accordingly. To ensure satisfaction among their clients in Washington dc banks will ensure that their services are of high quality, sufficient and very effective. These banks are very easy to access and all customers financial needs will be catered for.
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