Banks are categorized according to the products and services offered and the type of clients they serve. Clients have different needs hence the availability of different types of banks to meet these varying needs. For safe keeping of your money and other valuables in Washington dc banks are the best option because their services are very efficient and security very high.
These ventures accept customer deposits which are in various categories and are kept in different accounts. Saving deposits are kept in the savings account, have a low interest rate, encourage saving among customers and are suitable to the working class. For large sums of money clients are encouraged to make fixed deposits which are usually done for a specific period of time. They have high interest rates.
Current deposits have not interest rate charges, have no restricted withdrawals. Current accounts are mostly held by businessmen and have services charges. Another type is recurring deposit where a certain amount of money is banked during certain time periods. These deposits are done by salaried customers, they have high interest rates and withdrawals are only done after a certain period of time elapses.
These ventures are of two types that is private and public sector banks. The private sector commercial ventures are profit oriented and are managed by private investors. Public sector banks are the ones where the major stakeholder is the government, they are not profit oriented but put much emphasis on social development. These types of banking systems are guided by markets forces of demand and supply.
Like basic accounts, current accounts have low interest that a customer receives on their money. However these accounts have the bank overdraft facility which the customer has arrange with his or her bank. Chequebooks are also available as a form of payment.
General utility is another non-banking function performed by these financial institutions. These include issuing letters of credit where the client is involved in international trade, provide locker facility that is keeping customers valuables like jewelry and important documents. Banks especially commercial ones deal in foreign exchange, issue out drafts to their clients for transfer of money from one place to another and also offer provide market information to their clients.
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.
These ventures accept customer deposits which are in various categories and are kept in different accounts. Saving deposits are kept in the savings account, have a low interest rate, encourage saving among customers and are suitable to the working class. For large sums of money clients are encouraged to make fixed deposits which are usually done for a specific period of time. They have high interest rates.
Current deposits have not interest rate charges, have no restricted withdrawals. Current accounts are mostly held by businessmen and have services charges. Another type is recurring deposit where a certain amount of money is banked during certain time periods. These deposits are done by salaried customers, they have high interest rates and withdrawals are only done after a certain period of time elapses.
These ventures are of two types that is private and public sector banks. The private sector commercial ventures are profit oriented and are managed by private investors. Public sector banks are the ones where the major stakeholder is the government, they are not profit oriented but put much emphasis on social development. These types of banking systems are guided by markets forces of demand and supply.
Like basic accounts, current accounts have low interest that a customer receives on their money. However these accounts have the bank overdraft facility which the customer has arrange with his or her bank. Chequebooks are also available as a form of payment.
General utility is another non-banking function performed by these financial institutions. These include issuing letters of credit where the client is involved in international trade, provide locker facility that is keeping customers valuables like jewelry and important documents. Banks especially commercial ones deal in foreign exchange, issue out drafts to their clients for transfer of money from one place to another and also offer provide market information to their clients.
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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