Recent Banking Financial Issues

Banks In Our Lives

People all over the world know what banks are and yet there are still some things that are just not clear to us about them. People know of banks as where people can save their money and earn some interests. Banks are also known to provide other financial services that can help people with their banking financial problems. Credit cards, loans, and other type of banking financial services are being offered by these financial institutions. But the list of services and products banks can offer these days are no longer limited to these mentioned on the list.

Banks In Many Categories

These banks also come in different types. You can choose from any of the banks that can provide you with what you need in terms of services and products. The categories of these banks include commercial banks, savings and loans, credit unions, mutual funds and brokerage firms, and virtual banks.

The commercial banks are those that are serving both individuals and businesses alike. These are the banks where you find a lot of branches in different places. It is said that the fees on these banks are those known to be higher that other types of banks.

Credit unions are, unlike commercial banks, with the lowest fees and loan rates because they are non-profit institutions. The members of these credit unions get their earnings every end of the year. These credit unions have few branches unlike the commercial ones.

The savings and loans banks also have lower fees compared to the commercial banks. Since these types of banks have lesser members, services are expected to be better compared to the commercial banks.

One of the most interesting types of banks is the virtual or online banks. These banks got no branches to brag about since these are mostly online. Their clients don’t even get any paper statements since they are emailed to them each month. These banks are now losing their popularity because some commercial banks now are also offering online banking financial to their members. And since clients would have to depend on ATMs when withdrawing, if they withdraw from non-partner ATMs they will be charged with fees.

Fees In Banks

Banks are also known to have fees. There are many fees that are involved in doing bank transactions. But there are other banking activities that will not charge you of fees.

Some fees that you may be charged with include ATM fees, debit card fees, stop payment, check printing, overdraft, bounced check, monthly checking account fees, balance inquiry fees, wire transfers, and many others.

Comments

Most Recent Articles