Banking 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
- 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!
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