Learn About Banking Basics
Technological advancements have been great for bringing online shopping to the forefront and providing an increased number of payment options for consumers in general. It would be reasonable to think that between credit cards, debit cards, PayPal acc...
Banks and credit unions throughout the nation normally provide safety deposit boxes to their customers in at least one location. This is primarily because safety deposit boxes are located inside vaults which require a minimum amount of space. If you ...
A wire transfer is the movement of funds between two financial accounts. Depending on the service used, it can be a near instantaneous or take a few days to process a wire transaction. There are a number of different organizations which are public, p...
When it comes to providing financial services to the public there is virtually nothing banks do not offer consumers. Competition has increased the need for banks to expand their list of available services but technology has also played a part in deve...
Automated Teller Machines, also known as ATMs, practically never run out of money for a number of different reasons. In fact, there are only a few possible scenarios which would result in ATM not having enough funds for customer withdrawals. Financia...
A number of different types of cards nowadays use magnetic strips to convey information, provide access and conduct purchases. Examples of various cards include credit cards, debit cards, library cards, ATM cards, security cards and drivers licenses....
Automated teller machines have been in use since the 1960s when they became widely accepted by consumers. The convenience of ATMs allows bank account holders to make withdrawals, deposits, transfer funds and conduct inquiries. Unfortunately, the tech...
Banks and other financial institutions earn their income from a variety of different sources. Some of these sources have been around forever and others are of more modern creation. Regardless, there are certain constants that all financial institutio...
Checking accounts fundamentally work by issuing an IOU to a business or individual for a product or service and when that IOU was presented to the bank funds are disbursed for the amount specified. So it makes sense that for all checks written there ...
A certificate of deposit is a type of savings account where a bank or credit union agrees to pay an above average interest rate for a fixed period of time. The reason why the interest rate is higher than a traditional savings account is because cance...
A money market account is very similar in structure to more traditional checking and savings accounts. Interest is paid on deposits in both instances however money market accounts. due to their higher interest. tend to limit the amount of withdrawals...
Interest is a good thing because it is the incentive that individual institutions use so you will let them borrow your money and then use for issuing loans. What that means in the most simple terms is that when you allow someone to use your money the...
Safe deposit boxes are another service that banks offer. Inside the bank vault, there are lots and lots of boxes built into the wall. Each one has one or two locks on it. The bank rents the boxes to anyone who would like to safely store important ...