Online Banking. Money management Tutorials.
Bank Of America Online Banking, Lloyds Banks And
More.
Keeping money in the bank has long
become part and parcel of our everyday lives. We even forget
that not to long ago, money was kept in the relative safety of
people's houses. While keeping money in the bank is not
required by any law, it has become so pervasive that we all
assume that everyone has at least one bank account.
With advances in technology now we are able to even bank
online - Bank of America online banking, Lloyds Bank
accounts online and so forth - without the unnecessary
trips to deposit money and such other banking activities.
In fact, as we draw closer and closer to the cashless
society, it almost possible to never visit the bank
for a whole year!
For the sake of those who may be new to banking, the basics
of banking are as follows:
What are the types of banks available?
Commercial Banks
These are the most common type of banks. They offer many
services including checking accounts, savings accounts and
loans for any purpose. They are usually regulated by a body,
the state or the federal government. In the case of the UK,
banks such as the Lloyds bank are regulated by the Financial Services Authority - the UK
regulatory body of financial institutions.
Credit Unions
A credit union is a bank which is formed by a group of
people in the same field - like nurses or teachers - or
working for the same company or have something in common.
Profits are shared by all members but you have to be a part of
that particular group in order to open an account. For instance
you cannot join a credit union of nurses if you are an attorney
and vice versa. There are also credit unions that are based on
geographical areas. In such cases, if you do not live in that
particular vicinity you cannot join the credit union. Typically
you can open and account with between $5.00 to $50.00. Another
advantage is that loans are given at a lower rate than
commercial banks. Learn more about credit unions here
Savings And Loans Association
These type of banks exist to mainly provide substantial
loans such as home loans using money from their customers'
savings account. Usually you can get everything most commercial
banks offer except checking account on which you have to pay
interest. They tend to be better with savings account as they
generally offer better interest rates.
Continue this tutorial with The Types Of Accounts Available
- Checking Accounts
