Banking

What is banking?

Banking is an industry that handles cash, credit, and other financial transactions for individual consumers and businesses alike. Banking provides the liquidity needed for families and businesses to invest in the future, and is one of the key drivers of the U.S. economy.

You can use the products and services offered by a bank or credit union to protect your money, to borrow more, and to build savings. Banking means you won't have to save up before going to college or buying a house. Companies can use loans to start hiring immediately to build for future demand and expansion. In short, banking provides the means for further financial growth.

Banking consists of many activities that can be done through a number of financial institutions that accept deposits from individuals and other entities, and then use this money to offer loans, and to invest and earn profit.

Banks can be placed into certain categories based on the type of business they conduct. Commercial banks provide services to private individuals and businesses. Retail banking provides credit, deposit, and money management to individuals and families.

Other types of banking are: - Community Banking, Internet Banking, Savings and Loans Banking, Credit Unions, Investment Banking, Merchant Banking, Sharia Banking and such others.