10 Types of Banking Services and How to Use Them

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If you’re like most people, you probably use only a handful of banking services. However, banks offer a wide range of services that can save you time and money. In this blog post, we’ll briefly describe 10 types of banking services and how you can use them to your advantage.

1. ATM withdrawals and deposits – You can use an ATM to withdraw cash or make deposits 24 hours a day, 7 days a week. Just insert your debit card and enter your PIN. Some transactions may incur a fee, so be sure to check with your bank beforehand.

2. Bank transfers – You can transfer money between your own accounts or send money to someone else’s account by initiating a bank transfer. This can be done online, over the phone, or in person at a branch.

3. Bill pay – With online bill pay, you can set up recurring payments or make one-time payments from your checking account without having to write a check or provide your credit card information. This is a convenient way to pay bills such as rent, utilities, car payments, etc.

4. Mobile check deposit – With this service, you can deposit checks using your mobile phone by taking a photo of the front and back of the check and sending it to your bank via the mobile app. Deposits are typically available within one business day.

5. Online banking – Online banking is a safe and convenient way to check balances, view transaction history, transfer money between accounts, set up automatic bill pay, and more. All you need is an internet connection and your account login information.

6. Overdraft protection – Overdraft protection is a service offered by most banks that links your checking account to another account (such as savings) or line of credit so that transactions will not be declined due to insufficient funds. There may be fees associated with this service, so be sure to ask your bank about them before signing up for overdraft protection.

7. Personal loans – A personal loan is an unsecured loan that can be used for just about anything – from consolidating debt to financing a large purchase such as a new car or boat. The interest rate on personal loans is typically higher than the interest rate on secured loans such as mortgages or auto loans because there is more risk involved for the lender.

8. Safety deposit box – A safety deposit box at a bank branch provides secure storage for important items such as birth certificates, passports, insurance documents, etc. Fees for safety deposit boxes vary depending on the size and location of the safe box but are typically very reasonable.

9. Savings account – A savings account is a type of bank account where you can save money while earning interest on the balance in the account over time. Savings accounts usually have higher interest rates than checking accounts but may also have stricter withdrawal limits or require that you maintain a minimum balance in order to avoid fees.

10. Wire transfer – A wire transfer is an electronic transfer of funds between two financial institutions (such as banks). Wire transfers are typically used when time is of the essence (e., when sending money internationally). Fees for wire transfers vary depending on the amount being transferred and destination country but are typically quite high (e., $30-$50 per transfer).

Banking services can save you time and money. Be sure to ask your bank about any fees associated with these services before signing up for them. Also, be sure to keep your login information for online banking safe and secure.

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