5 Most Important Banking Services
A bank offers various services to its customers which in turn contributes to the overall economy of the country. However, not all services may be relevant to everyone. Hence, knowing the 5 most important banking services is important to understand how banks contribute to the economy of a country.
- Overdraft Services - These services allow customers to withdraw more money than they have deposited in their accounts. Banks also charge interest on these withdrawals.
- Advancing Loans and Mortgages - Banks are essentially businesses which is why to enhance their profits they advance short-term and long-term loans to their customers on which they charge interest. This fulfils both their as well as their customer's needs.
- Wealth Management - Banks offer various services for their customers to retain and improve their wealth. They offer investment advice, portfolio advice, etc.
- Providing Debit Cards and Credit Cards - Banks offer credit cards and debit cards to improve customers' purchasing power and access to their money.
- Checking and Savings Account - Banks offer their customers various types of accounts in which they can save their money as per their specific use and purpose.