Types of Bank Services
Advancing of loans: Banks are profit-oriented financial institutions. They give advances in the form of loans to customers and create interest from them as profit. Banks give short-term, medium-term, and long-term loans to customers with the help of cash reserves ratio.
Overdraft: The bank gives overdraft facilities to public for which the customer can withdraw cash more than their deposits. Here, the interest rate is dependent upon the amount of cash withdrawn by customers.
Discounting of bills of exchange: Nowadays, this type of method is one of the popular methods of lending money to customers. It is a short-term financing in which a creditor gets his or her money before the maturity period and the bank pays the amount of bill to the creditor after deducting some marginal amount.
Cheque payment: Banks give cheque pads to customers who are account holders in the bank. The customer can draw a cheque to pay money. After making an official verification, banks pay customers for cheques.
Collection and payment of credit instruments: Nowadays, a variety of credit instruments are utilized such as cheques, promissory notes, bills of exchange, etc. With the help of these types of instruments, banks deal with customers.
Consultancy: In modern days, banks expand their function by entering the consultancy business in which they can hire financial and market experts who can suggest customers about various types of investment to be made in banks.
Bank guarantee: Here, banks can provide guarantee to their clients who deposit a certain amount of money in any governmental office or court.
Remittance of funds: With the help of cheques and drafts, banks can provide funds to their customers. They can also transfer funds from one place to another with the help of cheques or drafts.
Credit cards: Banks provide credit cards to their customers for purchasing goods and services in exchange of these cards. After a certain period, the credit holders pay that purchase amount including the interest rate.
ATM’s services: ATM’s services are one of the most important functions of banks in modern days. It gives different types of functions such as deposits, withdrawals, account details, etc., with 24 hours availability.
Debit cards: Banks can withdraw funds directly from ATMs. It requires a Personal Identification Number (PIN) to verify the transaction of the card holder’s accounts,
Home banking: It is used for transforming money, making bills payment, applying for loans, account inquires, etc., from one’s own home using one’s home banking facilities.
Online banking: It is one of the most useful functions of a bank. It is also called as internet banking or web banking. Here, customers can perform all transactions by utilizing online banking services with the help of internet.
Mobile banking: It is also called as M-banking. Here, customers can do all transactions or payments with the help of a mobile phone or Personal Digital Assistants (PDA).
Accepting deposit: It is a primary function of a bank. Banks accept deposits from customers who in turn earn an interes. Banks can’t use this deposit in profitable sectors.
RTGS (Real Time Gross Settlement): It is defined as an instantaneous money and securities transfer system from one account to another account.
EFTS (Electronic Funds Transfer): It refers to the system of banks that transfer money by utilizing electronic banking from one account to another account.
Merits
Customers can easily transfer money and pay bills between accounts with the help of online banking or internet banking. Banks provide a mobile app in which customers can view their transaction and account details through the internet.
Banks give convenient services to customers like online banking, mobile banking, etc., with a cheaper or low rate of account services.
It provides safety to customers’ money by protecting it from theft and fire.
Demerits
During depression periods, if all individuals choose to pull their cash from the bank, the bank will get bankrupt. Because of the capacity of credit creation, banks never have enough cash to pay each one of its clients simultaneously. Individuals, in actuality, will lose their cash if the bank fails.
Due to increase in net banking service, there also increases cybercrime. Presently, more individuals are presented to the danger of Master-card burglaries, stolen passwords, net financial fakes, and so on.
The propensity for borrowing beyond the capacity of what an individual can bear to repay is an individual negative behavior pattern. This is due to simple loan approaches of banks. This can harm individuals’ finances.
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