BANK - The Role of Banks Lesson
The Role of Banks
In this lesson, you will get an overview of various banking services and the major types of financial institutions. You will learn what steps are needed to open and maintain an account. View the presentation below to get started.
The Role of Banks Presentation
Explore each section in the tabs below to learn more.
Direct Deposit
Individuals provide their bank name and account number to the employer to receive their pay check deposited directly into their bank account. Most employers will show deductions taken via check stub or online.
Online and telephone banking
A more convenient option for consumers to have real time access to bank account transactions and balances without waiting until the end of the month for the statement. With the online banking you have the option to transfer, write electronic checks, and open new accounts.
Money transfer
Moving money from one account to another within the same bank. Additional options allow you to transfer money to an account at a different bank or to another individual for a fee.
Loans
Banks loan money to members for reasons that include purchasing a car, purchasing a home, or starting a new business. Individuals are set up on a payment plan to pay what they borrowed plus interest.
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