Types of Bank Service :

Commercial bank

A commercial bank is what is commonly considered a 'bank'. The term 'commercial' is used to distinguish it from an 'investment bank', a type of financial services entity which, instead of lending money directly to a business, helps businesses raise money from other firms in the form of bonds (debt) or stock (equity).

Major commercial banks include:

Top ten banking groups in the world ranked by tier 1 capital

Top ten banks in the world (as at end-2004) according to The Economist:

 
Rank
Company
Country
1.
Citigroup
US
2.
JPMorgan Chase
US
3.
HSBC
UK
4.
Bank of America
US
5. Credit Agricole Group France
6.
Royal Bank of Scotland
UK
7.
Mitsubishi Tokyo Financial Group
Japan
8.
Mizuho Financial Group
Japan
9.
HBOS
UK
10.
BNP Paribas
France
 

Virtual banking

Banking from home is called virtual banking, because it allows transactions that bypass branches and ATMs; in the case of Internet banking, there is no need to contact a bank staff member.

Virtual banking has changed the way people bank in many ways. In the past, people opened a bank account when they first started work and stayed with that bank for their whole lives; now, it is much easier to move an account, mortgage or loan from one banking institution to another.

Many customers look at what other banks are offering and change their account if they find a better deal, so banks now have fewer loyal customers. It is common for credit card companies to entice new customers with offers such as zero per cent interest for the first six months.

Private banking


The term private bank is simply a marketing term for a bank or a division of a financial services company targeted towards wealthy individuals. Often it is used to describe specifically the lending services targeted towards this group, such as large margin loans.

 
 
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