Do Banks Offer Services Beyond Accounts?
When we hear the word bank, most of us think accounts — Checking Accounts, Savings Accounts, Money-Market Accounts. Financial institutions offer much more than accounts either directly or through affiliates. Some of these services you use every day. Other services you may not even know exist.
Financial institutions loan money to people and businesses. Most banks offer the following types of loans:
- Home mortgages
- Home equity loans and lines of credit
- Personal loans
- Business loans
The requirements for loan approval vary from bank to bank, so check before you apply for a loan.
You may be thinking — wait a minute — that’s basic banking. No, it isn’t. Not every bank offers digital banking; and not every digital bank has a brick-and-mortar location.
Banks have to give you access to your accounts, but how they do that is up to them. Financial institutions that offer a range of digital products can help you manage your money.
Some of the digital services include:
- Online and mobile banking
- Online bill pay
- Mobile Check Deposit
All of these services make it easier to manage your money. You don’t have to wait for monthly statements or go to the bank to transfer funds.
Safety Deposit Boxes
You may not realize you need one until it is too late. Safety deposit boxes are different sized containers that are kept in a bank vault. They are protected against fire, flood, and explosion, so you know your valuables are safe. You rent safety deposit boxes to store not only valuables but also essential papers, such as wills, marriage licenses, or birth certificates.
Bank personnel can help you create a financial plan by providing advice in areas such as investments or retirement plans.
You have access to many of these services because you are a bank customer not because you pay an added fee. Banks aren’t just a place to put your money; they are a place to learn how to manage it.