A bank is an institution where monetary transactions are being made, its a place where people deposit, withdraw, borrow money ,it is also a place where business are transacted.

• The majority of us are familiar with the concept of a bank. We all know that in order to properly manage our finances, we need at least a checking and savings account. We also know that most banks' services are comparable across the board. These are some of the services available:
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• Deposits are accepted
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• Making loans for automobiles, homes, and businesses
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• Keeping track of what you spent and earned
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• Credit card issuing
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• Payment of bills over the internet
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• Providing financial assistance
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• The list could continue on and on, but those are the essential services that most banks provide. The terms and conditions, on the other hand, differ from one bank to the next. As a result, everyone should think about their own demands before choosing the bank that best fits them.
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• Making a Comparison of Possible choices
• The majority of us are familiar with the concept of a bank. We all know that in order to properly manage our finances, we need at least a checking and savings account. We also know that most banks' services are comparable across the board. These are some of the services available:
• 
  
• Deposits are accepted
• 
  
• Making loans for automobiles, homes, and businesses
• 
  
• Keeping track of what you spent and earned
• 
  
• Credit card issuing
• 
  
• Payment of bills over the internet
• 
  
• Providing financial assistance
• 
  
• The list could continue on and on, but those are the essential services that most banks provide. The terms and conditions, on the other hand, differ from one bank to the next. As a result, everyone should think about their own demands before choosing the bank that best fits them
• Making a Comparison of Possible choices

National, regional, and local community banks may be found all throughout the country. These institutions are further divided into the following groups:

Banks that deal with commerce , commercial bank

Loans and Savings (S&C)

Credit unions are a type of cooperative financial institution.

Brokerage firms and mutual funds

Banks that are virtual (online)

Banks that deal with commerce ,commercial bank

Individuals and corporations are served by commercial banks. They usually have a number of strategically placed branches around an area and provide a wide variety of services. Deposits are guaranteed by the Federal Deposit Insurance Corporation (FDIC) up to $100,000 per type of depositor's account. The only disadvantage is that these banks' fees are often the highest.

Banks that offer savings and loans (S&L)

Fees at S&L banks are often cheaper than those at commercial banks. Because of the lesser number of clients at smaller banks, service can be superior in some instances. The majority of them are FDIC-insured.

The only disadvantage is that they may need you to notify them of any withdrawals you intend to make. Because they usually have fewer branches, you might build up a lot of ATM fees by utilizing non-partner banks.

Credit unions are a type of cooperative financial institution.

Because they are non-profit, credit unions often have the lowest fees and loan rates. Members receive their earnings at the end of the year. The biggest disadvantage is that just around 1% or 2% of people are federally insured. They, like S&Ls, have fewer branches, which means you may build up a lot of ATM fees by using non-partner banks.

Firms that manage mutual funds and brokers

Mutual fund and brokerage firms sometimes provide only rudimentary banking services, such as low-cost or no-cost checking connected to some interest-paying money market products. The most apparent disadvantage is that they frequently have higher minimum balance requirements and are not FDIC-insured, instead relying on private insurance.

Banks that are virtual (online)

There are no branches in virtual banks because they are completely online. They don't even send printed statements in many circumstances. Monthly statements are emailed to clients, who may then read or print them online. They're covered by the Federal Deposit Insurance Corporation (FDIC). As many commercial banks and even credit unions now provide 100% internet banking, they have begun to lose some of their attraction. The main disadvantage is that there are just a few ATM machines. As a result, if consumers are unable to locate partner ATMs, they will be charged a fee.

Checking Accounts are one of the many types of accounts that you might have in a bank.

Most banks provide a checking account as a service that allows people and companies to deposit and receive monies from an FDIC-insured account. A checking account's terms and restrictions vary by bank, but in general, a checking account user can pay debts with personal or company checks rather than cash. Customers can withdraw money from most checking accounts using an ATM machine.

Almost all banks provide consumers with some type of checking account. Some may need a small initial deposit, as well as evidence of identification and a physical address, before opening a new account. Students and other low-income applicants can choose a basic checking account with no fees for using personal checks and other restricted features. Other candidates who open traditional checking accounts and maintain a high minimum balance each month may benefit from interest payments.

Checking the Fundamentals

Deposits and withdrawals are handled via a standard checking account. The account holder has a supply of official checks that include the necessary routing and accounting data. When a check is written, the amount of the check is deducted from the account holder's account. Even though the bank will give monthly statements, the account holder is ultimately responsible for keeping track of their own cash.

when a cheque is bounced

Checks must represent an actual amount of money in the checking account when they bounce. If the bank settles a check for an amount more than the available balance, the account holder who made the check may be charged an overdraft fee and may face legal action. Furthermore, if the check bounces, the recipient of the faulty check may be charged costs. The writer of the faulty check may therefore owe fees to both his bank and the bank of the recipient.

The person who receives the bad check has the right to demand immediate cash payment for the initial debt as well as a significant charge for the returned check. Some banks will safeguard checking account customers by making timely payments and contacting the appropriate authorities, that an overdraft has taken place.. Because the bank will almost always recuperate its losses through high service fees, it's best to avoid issuing checks while the balance is unclear.savings account

savings account

Back in the part on saving, we spoke about how important it is to save. We'll go through some different types of savings accounts in this section. Standard Savings Accounts, Certificates of Deposit, and Money Market Accounts are the three most common types of savings accounts.

Savings Accounts (Savings)

Standard savings accounts frequently enable you to withdraw your funds at any time without incurring penalties. Even though the interest rate is low (rarely exceeding 3%), it is less hazardous and develops gradually.

Deposit certificates (CDs)

CDs often yield a greater rate of interest than traditional savings accounts. You do, however, have less flexibility in terms of what you can do to withdraw whenever you can from your Accounts in the money market (MMAs)

In addition, MMAs pay a greater interest rate than traditional savings accounts. Unlike CDs, however, you are normally allowed to write a certain amount of checks or even make a transfer each month as long as your balance stays over the needed minimum. If you go below the minimum, you may be charged fees or lose any interest you've earned, or both.

Debit card

A debit card (also known as a check card) resembles a credit card and is used as a substitute for cash while making transactions. The card is an International Organization Standard (ISO) 7810 card, which functions similarly to a credit card but with the cash being withdrawn more like writing a check.immediately from the cardholder's bank account or from a gift card's remaining balance

The consumer may swipe or put their card into a credit card terminal, or they may pass it to the merchant who will do it, depending on the business or merchant. The purchase is authorized and executed, and the consumer either enters a PIN or signs a sales receipt to verify the transaction.

In many nations, debit cards have surpassed checks and traditional cash transactions as the preferred method of payment. It is critical to keep track of what you spend by keeping a check register.

Fees for banking

When it comes to choosing a bank, the major goal for both individual and commercial customers is to save money.

. As a result, knowing exactly how much a bank will charge you up front might help you choose the account that is ideal for you. It is critical to pay great attention to the tiny print during this procedure, since it frequently discloses hidden charges and penalties.

For example, if you choose a free checking account at a smaller bank with fewer ATMs, you may end up paying more in ATM fees over the course of the month than you would with a larger bank with more nearby ATMs.

These are the fees that will have the greatest impact on clients at most banks;

Fees charged by ATMs

Fees associated with debit cards

Fees for not paying

Examine the printing feeds

Fees for overdrafts

Fees for Bounced Checks

Fees for a Monthly Checking Account

Examine the costs of writing

Fees for balance inquiries

Fees for wire transfers

Selecting the correct bank is a crucial financial choice.

1. Before you create an account, make sure you understand all of your banking options, goods, and services, as well as what your charges will be.