Typical banking services are designed to serve basic and perpetual financial needs. At the consumer level most people need somewhere to put their money so a savings account is fairly standard.
Also, many people require a means to pay bills including checks, credit cards and online bill paying services. Banks often offer their own credit cards and/or debit cards to facilitate the customers spending requirements and preferences. The typical services offered by local banks are as follows:
• Checking and Savings Accounts
• Front desk services including Cashiers checks, Money Orders and Wire Transfers.
• Credit cards and Online Bill Paying Service.
• Car Loans and car loan refinancing.
• Savings vehicles such as Certificate of Deposits, Money Market accounts and Individual Retirement Accounts.
• Mortgage Lending.
• Automated Teller Machines (ATMs) and Drive Through Banking.
Although Bank services often exceed the scope and function of typical banking servces, they are primarily designed to serve individuals and small business’ financial needs. Picking a bank is like picking a friend who is going to manage your money. The different banks may have slightly different services, interest rates and customer support. It can be helpful to visit or investigate several banks before choosing the one that is right for you.
Additional banking services
Since the passage of the Riegle-Neal Interstate and Branching Efficiency Act of 1994 and the Financial Services Modernization Act of 1999, bank services have not only become offered by banks operating across state lines but have also diversified to include a range of financial products and services. This means a banking client does not necessarily have to go to more than one bank to receive different services.
To illustrate the above point, some banks can simultaneously provide brokerage accounts, checking accounts, money market accounts and credit lines. Depending on the financial institution and its policies banking services still differ from financial institution to financial institution. Banking fees for basic banking services may also span a range of prices.
Depending on the liquidity, asset value and lending policy of a bank, loan types and sizes may vary. Some banks may provide car loans and refinancing of mortgages whereas others may not be quite so focused on these types of loans. When searching for, switching or evaluating a bank, being aware of the financial services it offers, the fees, customer service, loan requirements, and ease of loan process may be a good idea. This can help ensure the bank serves your particular basic banking services, but that it can also work with you on your future banking needs and goals.