|Part of a series on financial services|
Retail banking, also known as consumer banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking. Banking services which are regarded as retail include provision of savings and transactional accounts, mortgages, personal loans, debit cards, and credit cards. Retail banking is also distinguished from investment banking or commercial banking. It may also refer to a division or department of a bank which deals with individual customers.
In the U.S., the term commercial bank is used for a normal bank to distinguish it from an investment bank. After the Great Depression, the Glass–Steagall Act restricted normal banks to banking activities, and investment banks were limited to engaging capital market activities. That distinction was repealed in the 1990s. Commercial bank can also refer to a bank or a division of a bank that deals mostly with deposits and loans from corporations or large businesses, as opposed to individual members of the public (retail banking).
Typical retail banking services offered by banks include:
In some countries, such as the U.S., retail bank services also include more specialised accounts, such as:
A commercial bank is a type of bank that provides services such as accepting deposits, making business loans, and offering basic investment products that is operated as a business for profit.
Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, individual managers and some government-sponsored enterprises. Financial services companies are present in all economically developed geographic locations and tend to cluster in local, national, regional and international financial centers such as London, New York City, and Tokyo.
A transaction account, also called a checking account, chequing account, current account, demand deposit account, or share draft account at credit unions, is a deposit account held at a bank or other financial institution. It is available to the account owner "on demand" and is available for frequent and immediate access by the account owner or to others as the account owner may direct. Access may be in a variety of ways, such as cash withdrawals, use of debit cards, cheques (checks) and electronic transfer. In economic terms, the funds held in a transaction account are regarded as liquid funds. In accounting terms they are considered as cash.
A savings and loan association (S&L), or thrift institution, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans. The terms "S&L" or "thrift" are mainly used in the United States; similar institutions in the United Kingdom, Ireland and some Commonwealth countries include building societies and trustee savings banks. They are often mutually held, meaning that the depositors and borrowers are members with voting rights, and have the ability to direct the financial and managerial goals of the organization like the members of a credit union or the policyholders of a mutual insurance company. While it is possible for an S&L to be a joint-stock company, and even publicly traded, in such instances it is no longer truly a mutual association, and depositors and borrowers no longer have membership rights and managerial control. By law, thrifts can have no more than 20 percent of their lending in commercial loans — their focus on mortgage and consumer loans makes them particularly vulnerable to housing downturns such as the deep one the U.S. experienced in 2007.
Mashreqbank PSC is the oldest privately owned bank in the United Arab Emirates. Founded as the Bank of Oman in 1967, it was the first bank in UAE to install ATM cash dispensers, the first to issue debit and credit cards and the first to introduce consumer loans. Today Mashreq provides conventional and Islamic personal banking services including deposits, loans and credit cards; conventional and Islamic investment banking services including corporate finance and investment advisory on mergers and acquisitions, initial in public offering and underwriting; conventional and Islamic asset management services including wealth management.
BDO Unibank, Inc., commonly known as Banco de Oro (BDO), is a Philippine banking company based in Makati. In terms of total assets, the firm is the largest bank in the Philippines, fifteenth largest in Southeast Asia, 116th largest in Asia, and the 234th largest bank globally as of March 31, 2016. BDO Unibank is also a member of SM Group. It is also the largest bank in the country by market capitalization.
First Active was an Irish bank, and former building society which was merged into Ulster Bank in late 2009, ceasing trading in February 2010. It traditionally offered a range of mortgages, savings, investment, pension and life assurance products, but from 2007 onwards, also offered credit cards, ATM accounts and current accounts as well as online banking and Laser/Maestro debit cards.
HSBC Bank Australia Limited was granted a banking licence in 1986 by APRA having been established as HSBC Finance Company Limited in 1965. It is part of the worldwide HSBC Group. HSBC Bank Australia is a foreign bank in Australia, offering a wide range of banking products and services to the retail, commercial, corporate and institutional sectors.
First Internet Bancorp is a bank holding company that operates First Internet Bank of Indiana, sometimes called First Internet Bank or First IB, one of the first state-chartered, Federal Deposit Insurance Corporation-insured institutions to operate without physical branches.
WSFS Financial Corporation is a financial services company. Its primary subsidiary, WSFS Bank, is the largest and longest-standing locally managed bank and trust company headquartered in Delaware and the Greater Delaware Valley. WSFS operates from 147 offices located in Delaware (49), Pennsylvania (72), New Jersey (24), Virginia (1) and Nevada (1) and provides financial services including commercial banking, retail banking, cash management and trust and wealth management.
China's banking sector is the largest in the world by assets, with total assets of US40.1 Trillion in the first quarter of 2019 The "big four/five" state-owned commercial banks are the Bank of China, the China Construction Bank, the Industrial and Commercial Bank of China, and the Agricultural Bank of China, all of which are among the largest banks in the world as of 2018. The Bank of Communications is sometimes included. Other notable big and also the largest banks in the world are China Merchants Bank and Ping An Bank. Western and Eastern nations have accused China of using its government-controlled banking industry to further China's military goals under the guises of the Belt and Road Initiative and 21st Century Maritime Silk Road.
Discover Financial Services is an American financial services company that owns and operates Discover Bank, which offers checking and savings accounts, personal loans, home equity loans, student loans and credit cards. It also owns and operates the Discover and Pulse networks, and owns Diners Club International. Discover Card is the third largest credit card brand in the United States, when measured by cards in force, with nearly 50 million cardholders. Discover is currently headquartered in the Chicago suburb of Riverwoods, Illinois.
Citibank Berhad is a licensed commercial bank operating in Malaysia with its headquarters in Jalan Ampang, Kuala Lumpur. Citibank Berhad operates as a subsidiary of Citigroup Holding (Singapore) Private Limited. Commencing its banking operations in Malaysia in 1959, Citibank Berhad was locally incorporated in 1994.
A bank is a financial institution that accepts deposits and recurring accounts from the people and creates a demand deposit. Lending activities can be performed either directly or indirectly through capital markets. Due to their importance in the financial stability of a country, banks are highly regulated in most countries. Most nations have institutionalized a system known as fractional reserve banking under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords.
The New York State Banking Department was created by the New York Legislature on April 15, 1851, with a chief officer to be known as the Superintendent. The New York State Banking Department was the oldest bank regulatory agency in the United States.
A deposit account is a bank account maintained by a financial institution in which a customer can deposit and withdraw money. Deposit accounts can be savings accounts, current accounts or any of several other types of accounts explained below.
Savings Bank "Belarusbank" is the largest bank in Belarus that occupies leading positions in the Belarusian banking system by volume of equity, assets, loans, deposits.
Cuscal Limited is an Australian company that predominantly provides transactional banking, liquidity and capital management services and products to institutional customers including credit unions, mutual banks and superannuation funds. Cuscal is regulated by the Australian Prudential Regulation Authority (APRA) as an Australian authorised deposit-taking institution (ADI), and by the Australian Securities and Investments Commission (ASIC). It is a member of EFTPOS Payments Australia and the Australian Payments Clearing Association. Cuscal has an A+ credit rating.
Banco Nacional de BoliviaS.A. (BNB) (English: National Bank of Bolivia) is a Bolivian bank and financial institution headquartered in Sucre, Bolivia. Founded in 1871, it is one of Bolivia's oldest banks. It is also the country's second largest bank by total assets.
Equitable Bank is a Canadian bank which primarily provides residential and commercial real estate lending services, as well as personal banking through its direct banking brand EQ Bank. The bank was founded in 1970 as The Equitable Trust Company and became a Schedule I Bank offering savings products in 2013. It is now Canada’s ninth largest independent bank, with more than $25 billion in assets under management. As of June 2017, the bank had over $10 billion in deposits. Equitable Bank is a member of the Canada Deposit Insurance Corporation.