Do you have a commercial bank that handles the financial aspect of your small business? Are you facing financial hardship with your small business’ finances or want an audit done? All these will be taken care of by the commercial banking sector that has numerous services to enable you to keep track of your money. It is important that you are aware of them so that you are equipped to use them in the times when you need these services urgently. Here are the top 4 services that most commercial banks offer for their clients:
1. Electronic Banking
Gone are the days when paying a visit to the bank’s branch and standing in the long winding queues was the only method that was available to you for any banking needs no matter how basic they are. The era of electronic banking, a service that almost all commercial banks have on offer will allow you to withdraw funds from your account from ATM machines, transfer funds via wire transfer method or via online payment methods and a host of other benefits.
Online banking is an improvement over the electronic banking service which allows you to handle almost all aspects of your bank account sitting in front of a computer with an internet connection. Just go to the bank’s website to get going.
2. Range Of Liability Products
Liability products are a host of services and products that the commercial bank has made available for the customer (the business owner in this case) in order to help the account earn interests and facilitate funds movement. There are a number of liability products that are usually offered by banks, namely, savings accounts, certificate of deposit, other deposit products et al.
Remember that your checking account is a liability product that the bank has extended to you but it doesn’t earn interest like the other products.
3. Range Of Asset Products
Asset products are a host of services that the bank provides to the customer in order to facilitate the functioning of the business or the individual in question. The asset products are so named because it includes you claiming a stake in the bank’s existing assets.
The various types of asset products that are popular in the market are loans, mortgages, credit cards and a host of other similar options. Remember that the interest rates levied on the asset products vary from one to another and so does the terms of repayment. The revenue in the form of interests that the bank earns from you is the main source of income for any commercial bank.
4. Consultancy Services
Banks provide necessary and priceless consultancy services for your business plans, financial investments, plans of growth and expansion and a various other pertinent aspects of your business.
These 4 services along with the common ones like custodial safekeeping services like lockers are also offered by various commercial banks for their business clients.
Vijayraj Reddy
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