If you want to learn about the different types of financial services then read this article. We will discuss types of services offered by Financial Institutions. Types of Financial Service offered by Financial Institutions: Current Accounts: Saving accounts: overdraft facilities: Credit facilities: Deposits: Money market: Interest rate guarantee schemes: Market investment schemes: Consumer credit facilities: Business credit facilities: Commercial loans and advances: Corporate credit: Payment in kind scheme: Postpaid cards: Business process outsourcing: Tax services: Payment Protection insurance: Non-recourse claim: Confidentiality safeguards: Investigation services: Collection agencies: Forensic accounting services: Corporate law: Alternative Disputes Solicitors: Corporate protection insurance: Risk management plans: Estate planning: Family services: Maintenance of business assets: Corporate tax benefits: Alternative Dispute resolution: Advertising and marketing services: Media and mass communication: Supply chain management: Chemical analysis and testing: Corporate law: Alternative Dispute resolutions: Corporate law and regulations: Alternative Dispute Solutions: Training, consultation, advice and publications: Human resources: Corporate legal solutions: Mergers and acquisitions: Capital structure and capital taxation: Estate planning: Alternative Dispute solution: Alternative Dispute Service: Alternative Dispute Service providers: Types of Financial Service offered by Financial Institutions
There are many different kinds of financial services that you can get from banks like checking accounts, saving accounts, savings accounts, money market funds, certificates of deposits (CD’s), savings, money transfer, and loan facilities. The types of financial services that you can get from a bank are also divided into two different kinds namely financial service and commodity trading. The other categories of financial services include general banking services, commodity trading, banking products, and insurance products. Let us have a look at each of these first.
Savings Accounts: A saving account is basically a type of deposit that you can make. Banks offer two types of saving accounts namely checking account and direct savings account. These two types of accounts are similar in concept, however the only difference is that checking accounts have minimum withdrawal limit while savings accounts do not have any such restrictions. The checking account usually allows you to choose from a number of financial services like electronic transfer of funds, electronic bill payment, overdraft facility, and paper check option.
Savings Accounts are the first category of financial services industry that offers a variety of investment options, and hence a large number of customers are opting for this option. However there are many differences between the various banks offering this service. The biggest being the minimum withdrawal rate. Many investment banks limit the amount that you can withdraw for every month and sometimes restrict transactions too. In addition to this some banks allow customers to open a new account with reduced withdrawal limits.
Investment Banking: This is one of the most important categories of financial services industry. This sector includes bank branches and offices all over the world. It also includes private financial organizations and credit unions that provide such banking services. In this sector banks create portfolios for the customers according to their risk appetite and then invest these portfolios for earning interest. Other financial services that are provided by investment banks include foreign exchange trading, bond market, and commodity market trading.
Accounting Services: These are the financial services that manage the funds invested by banks as well as other institutions. The basic function of accounting services is to create reports at regular intervals, and keep record of the transactions that have occurred in the financial domain. They may also provide advise on investment, asset allocation, and cash management.
Financial Software: There are various types of financial services software available that help the customers to manage their money. Some examples of popular software include Quickbooks, Quicken, Microsoft Money, and Intuit QuickBooks. These types of programs can help you with day-to-day financial transactions like paying bills, receiving payments, and setting up retirement accounts. You can learn more about the types of software that are available online. This will help you select the one that best suits your needs.
Brokers and advisors: A good financial advisor is an asset. He helps you manage your finances, advise you on different kinds of investments, and take care of all your tax and banking problems. Many banks and other institutions employ financial advisors. Advisors play an important role in advising clients on the different kinds of savings accounts, Roth conversions, stocks options, mutual funds, and individual investments.
