Banking is the safest way to safeguard your money. Gone are the medieval days of money safekeeping where vaults were the best way to guard one's money. Today, the banking world is constantly innovating its service in order to vary its function, making it more than a deposit service.
The New Face of Banking
The traditional banking method is, you make a deposit and you let it earn interest. Now, you can do more than deposit with your money. Today, banks are heavily into financial service that can immediately satisfy your funding needs. Here's a closer look into the new face of banking services.
The Loan Function
Banks are the biggest financial institutions that can offer loans and guarantee financial transactions. This loan function requires a kind of security to which you, as a borrower, surrender in favor of the bank as a security that you will faithfully comply with your contractual obligation of paying your contractual debt religiously.
Example, you want to buy a house. You get a house loan from a bank and the bank then pays the developer. In exchange for the loan, the bank holds the title to the house and lot until such time that you'll be able to complete your amortization payment.
The Credit Card Function
Traveler would love this banking service. Today, banks offer different kinds of credit card arrangement, provided you have an active account with them. Travelers are the frequent users of credit card because they can use it in their international purchases without having to bring the actual cash with you. What's more, with the use of your credit card, you can complete your transactions online fast and easy.
Online Banking Service
The development of technology has completely made traditional mode of banking obsolete, where you go to the bank and transact only with tellers. Now, the online world is being used to the advantage of both the depositor and the bank.
The online banking service allows the depositor to access his bank account 24/7. It allows deposit online; pay bills online; wire money online, just to name a few.
The Debit Service
As an alternative to credit card, banks have designed a way for depositors to experience the feeling of having a card without the concomitant responsibilities of a credit card. This is the debit card service.
Debit card allows the depositor to pay for purchases by deducting the amount of the purchase real time from a depositors account.
Requirements of Availing the Banking Services
One of the basic requirements is for you to open an individual savings account or ISAs. These ISAs is a form of security for bank that in case of your non-compliance, they can deduct whatever amounts due you have from your savings account.
These are just few of the modern banking service you can avail from your bank. When opting to avail this service, keep in mind the incidental charges and other factors that might compromise your financial credibility.
The New Face of Banking
The traditional banking method is, you make a deposit and you let it earn interest. Now, you can do more than deposit with your money. Today, banks are heavily into financial service that can immediately satisfy your funding needs. Here's a closer look into the new face of banking services.
The Loan Function
Banks are the biggest financial institutions that can offer loans and guarantee financial transactions. This loan function requires a kind of security to which you, as a borrower, surrender in favor of the bank as a security that you will faithfully comply with your contractual obligation of paying your contractual debt religiously.
Example, you want to buy a house. You get a house loan from a bank and the bank then pays the developer. In exchange for the loan, the bank holds the title to the house and lot until such time that you'll be able to complete your amortization payment.
The Credit Card Function
Traveler would love this banking service. Today, banks offer different kinds of credit card arrangement, provided you have an active account with them. Travelers are the frequent users of credit card because they can use it in their international purchases without having to bring the actual cash with you. What's more, with the use of your credit card, you can complete your transactions online fast and easy.
Online Banking Service
The development of technology has completely made traditional mode of banking obsolete, where you go to the bank and transact only with tellers. Now, the online world is being used to the advantage of both the depositor and the bank.
The online banking service allows the depositor to access his bank account 24/7. It allows deposit online; pay bills online; wire money online, just to name a few.
The Debit Service
As an alternative to credit card, banks have designed a way for depositors to experience the feeling of having a card without the concomitant responsibilities of a credit card. This is the debit card service.
Debit card allows the depositor to pay for purchases by deducting the amount of the purchase real time from a depositors account.
Requirements of Availing the Banking Services
One of the basic requirements is for you to open an individual savings account or ISAs. These ISAs is a form of security for bank that in case of your non-compliance, they can deduct whatever amounts due you have from your savings account.
These are just few of the modern banking service you can avail from your bank. When opting to avail this service, keep in mind the incidental charges and other factors that might compromise your financial credibility.
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