Bank

A bank can be defined as a government approved financial institution charged with storing and saving monetary and financial assets of customers while simultaneously lending and drawing on the cash savings on hand, all the while creating profit to pay for overhead and to pay out employees, investors, and owners.  Traditionally a bank was a brick and mortar store with bank tellers and a bank vault which contained all the cash and valuables.  However, currently many banks have opened a virtual component and have been successful in utilizing an online bank. Some of the largest bank corporations include:

• Commonwealth Bank
• HDFC Bank
• Regions Bank
• Barclay Bank
• National Bank
• Orchard Bank
• Huntington Bank
• Bank of the West

Online banks began arriving on the financial scene within the past 10 years and have increased in popularity, mainly due to the advances in security and the fact that many bank customers have grown up with the internet and have a feeling of comfort with using electronic banking.

Both online banks and regular storefront banks offer a wide variety of financial products for business and for individuals alike. Some common financial products found in a bank include:

• Certificates of Deposit
• Savings Accounts
• Checking Accounts
• Mortgage Loans
• Personal Loans
• Money Markets
• Financial Managers
• College Savings Accounts (529 Plans)
• Retirement Accounts

With so many banking institutions and a very large list of banks it can be difficult for consumers to decide which bank is right for them. Interest rate, stability, location, and customer service are attributes that many bank customers use to decide which bank to keep their money at.