BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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where transactions are held with other banks
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where transactions are held directly with individuals
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where transactions are held with other big corporations
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All of the above
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Detailed explanation-1: -Retail banking, also known as consumer banking or personal banking, is banking that provides financial services to individual consumers rather than businesses. Retail banking is a way for individual consumers to manage their money, have access to credit, and deposit their money in a secure manner.
Detailed explanation-2: -Broadly speaking, there are three main retail bank types. They are commercial banks, credit unions, and certain investment funds that offer retail banking services. All three retail bank types work toward providing similar banking services.
Detailed explanation-3: -Retail banking offers accounts and basic financial services to individual consumers. These services can include checking and savings accounts, loans, credit cards, cash deposits, withdrawals, and more. Retail banks make money by loaning your deposited funds out with interest and charging you various account fees.
Detailed explanation-4: -The retail banking products include checking accounts, credit cards, savings accounts, mortgages, debit cards, home equity loans, CDs, and personal loans.
Detailed explanation-5: -Retail payments are typically payments between consumers, businesses and public authorities. They can be everyday consumer transactions, but also include, for example, salary and tax payments made by businesses.