Introduction
Consumer banking
Consumer banking is likely to be retail banking, in which support is provided to the people in order to execute different functions. The retail banking services are offered to the general public instead of companies. For the companies and organizations, the commercial or wholesale banking functions are attached. However, for the general banking retail banking is done, which is also called as consumer banking.
Consumer banking with RBC royal bank
RBC royal bank is likely to provide the retail or consumer banking services as well. In the consumer banking RBC functions, there are different types of offers and services which are provided to the general public. There are many things which are needed to be taken into consideration about the consumer or retail banking RBC.
Detail
Installment loans
The installment loan is likely to be one of the services of consumer or retail banking RBC. In this service, the loans may be provided to the general public. These loans are provided to the people, so that the people may be able to carry out different functions and execute different processes. These are likely to be called as installment loans because the repayment of the loans is likely to be done in the installments. The installment loans service of retail banking RBC is likely to be helpful for the people in order to finance different functions.
Residential mortgages
Residential Mortgage is an agreement between the bank and the individuals. In this service, people may be able to get loans by pledging the house. House is pledged by the bank as the security of the loan. The consumer banking RBC services may also include the residential mortgages. The residential mortgages may be done in order to support different functions and execution of different tasks.
Features
Deposit services
The people may also deposit their money in the banks. On this deposited money interest income is given to the people who have deposited their money in the banks. A deposit account is opened in the bank, and the interest income is also amalgamated in this deposit account. The consumer banking RBC may also provide the deposit services to the people. If the people have extra money, they open a deposit account, transfer their money to deposit account and then earn interest income.
Individual retirement accounts
The individual retirement accounts are opened in order to provide the support to the retired people. Retired people may not be able to work anymore. So, the individual deposit accounts are opened to support such people. Individual installment accounts service is likely to be one of the services of consumer banking RBC.
Comments
Credit cards
Credit card service is likely to be one of the most profitable services of the retail banking. Now people use credit cards at a large scale as it removes the problem of keeping the currency notes. The retail banking RBC is likely to offer the credit cards services as well to the people. However, these are some of the points which may provide reasonable information about the retail or consumer banking RBC. These points may clear out different concepts in the mind of people, about the retail or consumer banking RBC.
Comments
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