Banking Keep your money safe! Banking

Banking

• Keep your money safe!

Banking

• You started your business, now what do you do with your money? Where do you get that loan to expand your business? Where do you save for college or retirement?
• Banks of Course!

Commercial Banks

• Def. Businesses which make money by charging interest on loans as well as other fees for services. They are for profit businesses.
• Ex. Citi Bank, Chase, Bank of America, Fleet Bank

Advantages of Commercial Banks

• Many well located branches
• Offer a full range of banking services
• Deposits insured by FDIC for up to $250,000.
• FDIC: Federal Deposit Insurance Corporation (If the bank goes bankrupt, the government will pay you all the money you lose up to $250,000).

Disadvantages of Commercial Banks

• Banking fees usually the highest
• Impersonal service- a multinational corporation doesn’t care about your personal problems!