BANKS

In the past, banks were safe places where you could deposit your money to protect it from any risk. But is that the only service we get from the nowadays?.

  Banks are financial institutions which deal with several aspects of the economy of countries, individuals and monetary systems. Not all banks offer the same products and deal with the same type of customers.

  Commercial banks(sometimes called clearing banks) provide banking services such as accepting deposits, either in current accounts or savings  accounts, granting loans, issuing credit cards and managing their customers’ accounts. Another service provided by commercial banks is the payments of  fees, salaries and wages directly into the workers’ accounts. These banks usually have branches in various locations.

  Banks make a profit from the differential between the interest rates they pay on deposits and those they charge on loans. Merchant banks, on the other hand, provide similar services not to individual customers. They offer stock trading and portfolio management securities. Mergers, takeovers and acquisitions are handled by this type ok banks which also provide financial advice.