Personal Banking

Personal banking is similar to retail banking. The essence is that the products and services of the bank are tailored to meet individual banking and ancillary needs, including everything from a checking account to investment advice. The different products available through personal banking include checking accounts, savings accounts, CDs, check cards with rewards, different types of loans, and personal lines of credit, credit cards, personal trust and private banking services, mortgage programs, investment management, discount brokerage, insurance services and advisory services. Insurance, investment advice, and wealth management are high end products offered in personal banking.The most prominent feature in personal banking today is technology- enabled, customized products and services like anywhere banking, ATMs, and the delivery of services through channels like a telephone and the Internet. The idea is that the customer need not come to the branch for their services and that everything should be delivered to the customer at his convenience. The bank will provide single window service, meaning that customers can visit one counter for any banking need.Personal banking is quickly catching up in almost all the countries in the world and is expected to contribute significantly to the bank’s total revenue. Almost 15-20% of the customers contribute up to 90% of the banks business, so proper service to these customers will deepen the financial relationships.Everyone with a personal bank account needs to be very cautious and pay close attention to all aspects of their account. People should promptly review their bank statement, avoid having to pay unnecessary fees and bank charges, avoid leaving discarded bank documents behind, avoid banking online in public places, and periodically change their password.

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Banks’ Retail Banking Services

Banks are institutions that handle a variety of transactions and services that are usually centered on money, finances and investments. There are many different kinds of these institutions such as private, public, savings and investments places. The services that come with them are usually similar to one another with slight differences according to the kind of institution it is.Retail Services
These kinds of services are usually found in the more common banks that cater to the private individuals and some corporations. The services include, but are not limited to, accounts for savings, checking, money market, individual retirement and current. Other services may include issuance of credit, debit and ATM cards. The issuance of the certificate of deposit and the opening of a credit line may also be part of the services that these institutions may offer their clients and investors. Accounts refer to the different kinds of access that a person or company may deposit their monies and investments in. Savings is the most common one and it may require a lower maintaining balance compared to other accounts. Checking and current accounts are authorized to issue checks and drafts that may be considered as good as cash if there is sufficient money in the account. Money market is an endeavor that earns bigger interest compared to most account but carries some risk of losing part or all of the investment as well. In individual retirement account, the savings of an individual from the government might go automatically to the account where it will earn sufficient interest that may be higher than the average savings. The issuance of cards, including but not limited to credit, debit and ATM cards are the usual service of most, if not all banks. These cards give depositors direct access to their finances in such a way that they do not need to go to the bank to facilitate the transaction. The transaction can be done via the Internet, the telephone or through an ATM machine.Certificates are often issued to support the fact of the deposit. There are reasons why a depositor might need certificates of his or her deposits issued and the institution needs to be able to give these documentation and verification to them. The different accounts can be listed on the certificate or the depositors or investor might request for only specific accounts to be stated in them. There may be fees that need to be paid but these are only minimal. Loans are also another service many of the banks investors and clients appreciate. There are many different kinds of loans that can be opened through banks and these have a variety of stipulations and conditions that need to be discussed thoroughly by both the representative of the financial institution and the person who wishes to borrow.These are just a few of the services that banks offer their clients. There are other services that may be offered in other institutions but are not present in others. It is best to thoroughly discuss the services that may interest the depositor or the client.

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