Banking

A bank is a financial institution that accepts deposits and channels those deposits into lending activities. Banks primarily provide financial services to customers while enriching investors.

Banking is generally a highly regulated industry, and government restrictions on financial activities by banks have varied over time and location.

 

Banks offer many different channels to access their banking and other services:

  • ATM is a machine that dispenses cash and sometimes takes deposits without the need for a human bank teller. Some ATMs provide additional services
  • A branch is a retail location
  • Call center
  • Mail: most banks accept check deposits via mail and use mail to communicate to their customers, e.g. by sending out statements
  • Mobile banking is a method of using one’s mobile phone to conduct banking transactions
  • Online banking is a term used for performing transactions, payments etc. over the Internet
  • Relationship Managers, mostly for private banking or business banking, often visiting customers at their homes or businesses
  • Telephone banking is a service which allows its customers to perform transactions over the telephone without speaking to a human
  • Video banking is a term used for performing banking transactions or professional banking consultations via a remote video and audio connection. Video banking can be performed via purpose built banking transaction machines (similar to an Automated teller machine), or via a videoconference enabled bank branch

 

Banks also offer many products through their retail channels:

 

For new immigrants, learning the U.S. Banking system can be a terrifying and expensive experience, AAHC is offering an education session on the following topics:

  • How to select a bank
  • What different bank accounts exist and what they mean
  • How to choose and establish a checking and savings account
  • How to write a check and keep track of your spending
  • Where to invest and how much you should save for retirement and asset building
  • What is a Safe Box
  • What is an ATM – Debit Card vs. Check Card and how to use it
  • How to use online banking and bill paying services