There was a time when banks pretty much supplied checking accounts, savings accounts, CDs—certificates of deposit, and safe deposit boxes. Then they added the ability to buy US Treasuries, then different types of insurance—turning into full service financial everything. If you were to open an online and in-person account—you would get bombarded with a stream of product “opportunities”—more things to put your money into. Included are:

· Certificates of deposit

· Money market accounts

· Credit and debit cards

· Auto loans

· Mortgage loans

· Student loans

· Retirement accounts

· Investment insurance

· wealth management

· ATM

· Safe deposit box

· Foreign currency

The banks that you see on the street corners in your community are known as retail banks. The Federal Deposit Insurance Corporation (FDIC) insures retail banks up to $250,000 per account. The FDIC was created by the Glass–Stegall Act of 1933 to provide insurance on deposits to guarantee the safety of funds By depositors at banks.

There are a couple of other kinds of banks including credit unions which may also be referred to as cooperative banks. Most of them have many of the same services as retail banks—the big difference is that credit unions are owned by their members and banks … where there are public shareholders with stock is bought and sold in the stock exchanges and totally privately owned banks..

There was a time when banks pretty much supplied checking accounts, savings accounts, CDs—certificates of deposit, and safe deposit boxes. Then they added the ability to buy US Treasuries, then different types of insurance—turning into full service financial everything. If you were to open an online and in-person account—you would get bombarded with a stream of product “opportunities”—more things to put your money into. Included are:

· Certificates of deposit
· Money market accounts
· Credit and debit cards
· Auto loans
· Mortgage loans
· Student loans
· Retirement accounts
· Investment insurance
· wealth management
· ATM
· Safe deposit box
· Foreign currency

The banks that you see on the street corners in your community are known as retail banks. The Federal Deposit Insurance Corporation (FDIC) insures retail banks up to $250,000 per account. The FDIC was created by the Glass–Stegall Act of 1933 to provide insurance on deposits to guarantee the safety of funds By depositors at banks.

There are a couple of other kinds of banks including credit unions which may also be referred to as cooperative banks. Most of them have many of the same services as retail banks—the big difference is that credit unions are owned by their members and banks … where there are public shareholders with stock is bought and sold in the stock exchanges and totally privately owned banks..

There are commercial banks which cater to businesses or corporations and may also serve the needs of individual banking customers.

Investment can take part in securities trading manage investment accounts or do a little of both they can function as go-between for investors who want to put money into the markets by helping with the purchase and sale of securities.

Then there are central banks which manage the supply of money for a country or group of countries. In the US, it is known as the Federal Reserve.

Caution: In the old days … like five years ago … you had up to 30 days or the next statement cycle to let the bank know that there was a problem in your account. That was then … this is now: most are giving you three days to wave the red flag that there is a problem. If you don’t, what should be solely the bank’s problem to fix, is dumped in your lap.

What could the problem be? Maybe a $3,000 deposit was posted as $300 or an erroneous charge hits your credit card. NOW, the wise consumer checks their account online daily. Get into the habit … you won’t regret it … nor will your accounts.