An American poet, Robert Frost said, “A bank is a place where they lend you an umbrella in fair weather and ask for it back when it begins to rain’’. Banks have their roles in the life of a country and an individual. The main purposes of banks are keeping money safe for customers, offering customers interest on deposits, helping to protect against money-losing value against inflation, lending money to firms, customers, homebuyers, and offering financial services.
The Banking Systems And Their Aspects
High Street Bank - Their role is to provide services to the general public.
Business Banking - Those kinds of banks provide specialized services for businesses.
Investment Banking - Those are financial institutions that invest money on behalf of investment trusts, pension funds, and high street banks.
Central Banks - These banks ensure liquidity and even set Monetary Policy. Monetary Policy uses interest rates and monetary tools to influence consumer spending and aggregate demand.
Amazing Facts About Banks
A nine-year-old boy robbed a New York bank in 1981 by pointing a toy gun at a teller. He got 118 dollars. Here is the source.
In Belgium, an old man gained the trust of the workers of ABN Amro Bank by constantly bringing them chocolates. After it, he was given VIP access to the bank vault in 2007 and stole 28 million dollars. Here is the source.
John Shepherd Barron wanted to keep 6 digits ATM PIN, but his wife Carolyn did not remember 6 digits. Therefore, he prepared a 4 digits ATM PIN
If someone steals the entire ATM, then he can't go far enough. Because in this machine a chip has been installed which can be tracked from GPS.
Banks do not keep the money. Nowadays, they even try to discourage cash. Banks do not keep the money but they keep it circulating.
The Top 10 Banks In The World
According to The Banker, the top 10 banks are ICBC, China Construction Bank, Agricultural Bank of China, Bank of China, JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, HSBC Holdings, Mitsubishi UFJ Financial Group.
Features of Banks That Protect The Security of Your Money
Secure Messaging - Secure messaging provides a safe means of communication with your bank and protects you against phishing and other scams. For example, Well Fargo has a customer service link at the top of each page that takes users to a page with access to secure email.
Limited Login Attempts - If you’ve ever entered your password incorrectly, you may have seen a warning that too many attempts might cause your account to be locked. This is your bank’s way of preventing a brute-force attack.
Protect your identity by Don’t share your password or sensitive personal information.
- Create a complex password that is hard to guess, and change it frequently.
- Review your accounts regularly to look for transactions you did not authorize.
- Update your web browser frequently to make sure your security patches are up to date.
- Never use your email account to share account information — use your bank’s secure messaging feature instead.
- Contact your bank immediately if you spot suspicious activity on your account.