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HomeHomework HelpfinanceUtility Services in Banking

Utility Services in Banking

Utility services in banking refer to additional services provided by banks that facilitate customer transactions and enhance banking operations, beyond traditional banking functions such as deposit-taking and lending.

beginner
2 hours
Finance
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Overview

Utility services in banking are essential for managing personal finances and conducting transactions. These services include account management, payment options, and loan offerings, which help customers navigate their financial needs effectively. Understanding these services is crucial for making in...

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Key Terms

Account Management
The process of overseeing and maintaining a customer's bank account.

Example: Account management includes tracking transactions and managing balances.

Payment Services
Services that facilitate the transfer of money between parties.

Example: Credit card payments and online transfers are common payment services.

Loan
A sum of money borrowed that is expected to be paid back with interest.

Example: A mortgage is a type of loan used to buy a house.

Interest Rate
The percentage charged on a loan or paid on deposits.

Example: A higher interest rate means more money paid back on a loan.

Financial Advisor
A professional who provides financial guidance to clients.

Example: A financial advisor can help with retirement planning.

Wire Transfer
An electronic transfer of funds across a network.

Example: Wire transfers are often used for international payments.

Related Topics

Investment Banking
Focuses on raising capital for companies and providing advisory services.
intermediate
Personal Finance Management
Involves managing personal financial activities, including budgeting and saving.
beginner
Credit Management
The process of managing credit and debt effectively.
intermediate

Key Concepts

Account ManagementPayment ServicesLoan ServicesFinancial Advising