Personal banks provide products and services to persons or individuals that include checking account, savings account, personal loans, mortgage loans, car loans, credit cards, debit cards, ATM services etc. In addition to this, banks have also started providing investment and insurance services. By this, the banks are no longer ‘personal’; instead they have converted into financial institutions that can fulfill all the financial requirements of an individual.
Personal Banking Services Offered By Banks In The US
The basic products and services of any bank in the United States include the following:
• With a checking account, banks keep the customers’ money safe and also issue checkbooks so that bills can be paid by writing checks. They also allow withdrawals to customers whenever needed.
• With a savings account, banks make your money grow by paying interest on it. Also, they provide easy access to customers’ savings.
• They also issue certificates of deposit (CDs) that offer competitive returns by means of time-specific savings (terms ranging from 1 month to 5 years).
• Other banking services include:
• Issuing credit cards for convenient buying.
• Issuing debit cards so that customers no longer need to carry cash around while shopping.
• Providing ATM services for easy access to cash anytime anywhere.
• Providing home equity loans to individuals that are interested in buying a property. These loans are long term loans with low monthly payments. The interest rates option can be fixed or variable.
• Individuals who want to buy a vehicle can apply for an auto loan, available for new vehicles as well as used ones. Some banks offer auto loans with no down payment.
• If you have some unexpected expenses or want to plan a family vacation or need money for home repairs, you can apply for personal loans.
• US banks also provide assistance to students with financing their education in the form of student loans.
• With the online banking facility, banks offer wired transfer of money between different accounts.
• Personal banks now even assist people with their investment planning. Banks have dedicated financial assistants who can guide customers with their investment as well as retirement planning.
Personal banks offer a variety of products and services to their customers and help them achieve their financial goals. With the banks providing easy access on the Internet, customers can quite conveniently access their accounts from the comfort of their homes.