everything you need to know about bank : Best banks for you

Best bank for you

All About The Best Banks For You

A bank is a financial institution licensed to receive deposits and make loans. Banks may also provide financial services such as wealth management, currency exchange, and safe deposit boxes. … In most countries, banks are regulated by the national government or central bank.

The History of Banking

1300s Some European towns funded their local roads by allowing people to issue bonds that would be repaid with taxes collected at the end of the fiscal year. People used these bonds to pay for tax bills, as well as for other projects in the town. … [The] history of banking essentially begins with the invention of the money notary in the Middle Ages. … [The man] would promise to pay interest on behalf of the issuing company … and collected taxes to pay the bondholders. 1800s Periods of Banking Innovation 1808 — First Known Issuer of Secured Deposits (William Cooper of Philadelphia) … 1839 — Third Known Issuer of Secured Deposits (Amos S. Hodges of Philadelphia) …

 

The Types and Functions of Banks

State-Owned Bank: Owned by the state and operated at the pleasure of the state Private Bank: Part of a national banking system Foreign Owned Bank: Owned by a foreign entity and regulated by the foreign government Commercial Bank: Banking services available to individuals, businesses, and the public National Bank: Banking services available to the public Foreign-Owned Bank: Banking services offered to non-US persons Institutional-Type Bank: Bank or bank branches, like savings or insurance companies, but with extensive investment options Community-Based Bank: Open to anyone and owned by a non-profit group Which Banks Are Best? Banks offering credit cards and financial services are sometimes referred to as banks, but the real question is whether the bank is a good bank, or not.

How To Choose A Bank

When it comes to finding the best bank for you, make a list of five or more, on your own or with your advisor, of banks that offer different products, in terms of both products and service, and compare these to banks that offer only one type of product. Banks are not all created equal. But before making an investment, make sure you are not paying more than necessary. Banks can charge whatever they want, as long as they can justify it. How To Compare Banks » Compare banks based on their individual fees. » Compare banks based on services offered. » Compare banks based on their expertise in specific markets. » Compare banks based on their efficiency. » Compare banks based on the level of privacy and security you demand.

Conclusion

Even though a large percentage of the people can’t find a job, a great many of those who have jobs are frustrated because they can’t make a decent living. Without income, it’s hard to put money aside for a rainy day, secure retirement, or put a down payment on a home. And if you get into debt, a part-time job isn’t going to save you from going bankrupt.

If you want know about finding a health insurance click here or If you want know about opening a savings account click here .

 

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