Many people are quite skeptical when it comes to choosing a financial institution. Everyone wants to take their financial needs to someone or somewhere they feel they can trust. With banks having the insurance of FDIC, (Federal Deposit Insurance Corporation) it makes it easier for people to feel comfortable depositing their money into accounts. Banks must maintain a good reputation for their customers to remain loyal and in order to obtain new clients as well. It's important for them to be viewed as a respectable and honest business because they deal with people's hard earned money.
Banks offer a variety of services, anywhere from checking accounts, savings accounts, certificate of deposits, loans, credit cards, and even safety deposit boxes, etc. The most basic uses are checking and savings accounts. People typically go into banks with the intent to open a checking and savings account. They use their savings accounts for the obvious, (saving money) and they use their checking accounts along with their debit cards for day to day purchases or payments as well as cashing their checks.
Banking is simply defined as "the business of a banker or bank" by the Merriam-Webster Dictionary. All the services a bank offers along with their customer service is what makes them a financial institution. Banks make revenue by lending money which is a huge risk and thus why they must run credit checks when offering loans or credit cards to their clients. Banks help to keep money safe and help you handle your finances.
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