What types of Banking Services Exist for the Consumer?

Consumer banking has become more and more important over the years but it is good to know what banking services exist for you.  A bank provides a safe institution for all types of consumers to store their cash and cash equivalents.  A cash equivalent is anything that is cash money but it can be easily turned into cash.  The bank offers many ways to keep these safe.

First off they offer checking accounts.  These are accounts that the consumer can write check off of to access their money.  These checks can be used to pay bills, buy groceries, or go on vacation.  Basically anything the consumer wanted to do they could do by writing a check.  An ATM card can also be used to access the account. 

The checking account may also pay interest on the balance every month back to the consumer that is theirs to spend. A bank also offers a savings account that the consumer can use to save money for any purpose.  These accounts also may earn interest but can not be accessed by writing a check.  But like a checking account they can be accessed by using an ATM card.

The bank may also offer different types of investment accounts.  These can be in the form of Certificates of Deposit.  These CDs as they are typically called are instruments that earn interest on the amount deposited for a specified period of time.  The money can be possibly be withdrawn before it matures but not without a stiff penalty. 

Banks also offer different types of loans.  Loans can be used to purchase, cars, homes, investments such as investment property, or for any reason that the consumer may have.  Banks normally have a variety of loans the consumer can choose from to better suit their needs.