Retail banking
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Retail banking, also known as consumer banking or personal banking, is the provision of services by a
general public, rather than to companies, corporations or other banks, which are often described as wholesale banking
(corporate banking).
Banking services which are regarded as retail include provision of
commercial banking. It may also refer to a division or department of a bank which deals with individual customers.[1]
In the U.S., the term
Glass–Steagall Act restricted normal banks to banking activities, and investment banks to capital market
activities. That distinction was repealed in the 1990s. Commercial bank can also refer to a bank or a division of a bank that deals mostly with deposits and loans from corporations or large businesses, as opposed to individual members of the public (retail banking).
Products
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Typical banking services offered by retail banks include:
- Transactional accounts
- Checking accounts (American English)
- Current accounts (British English)
- Savings accounts
- Debit cards
- ATM cards
- Credit cards
- Traveler's cheques
- Mortgages
- Home equity loans
- Personal loans
- Term deposits
In some countries, such as the U.S., retail bank services also include more specialised accounts, such as:
- Sweep accounts
- Money market accounts
- Individual Retirement Accounts(IRA's)
Sub-types of retail banks
- Community development bank are regulated banks that provide financial services and credit to underserved markets or populations.
- Private banks manage the assets of high-net-worth individuals.
- Offshore banks are banks located in jurisdictions with low taxation and regulation. Many offshore banks are essentially private banks.
- savingsdeposits.
- Postal savings banks are savings banks associated with national postal systems.
See also
- Banking institution
References
- ^ Reed, Eric (2023-03-30). "Retail Banking vs. Commercial Banking". TheStreet. Retrieved 2024-02-05.
- Tiwari, Rajnish and Buse, Stephan (2006): The German Banking Sector: Competition, Consolidation and Contentment, Hamburg University of Technology (TU Hamburg-Harburg)
- Brunner, A., Decressin, J. / Hardy, D. / Kudela, B. (2004): Germanys Three-Pillar Banking System – Cross-Country Perspectives in Europe, Occasional Paper, International Monetary Fund, Washington DC 2004.
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