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Banking System
A bank is a financial institution that accepts deposits from the public and creates credit.[1] Lending
Lending
activities can be performed either directly or indirectly through capital markets. Due to their importance in the financial stability of a country, banks are highly regulated in most countries. Most nations have institutionalized a system known as fractional reserve banking under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, known as the Basel Accords. Banking
Banking
in its modern sense evolved in the 14th century in the prosperous cities of Renaissance Italy
Renaissance Italy
but in many ways was a continuation of ideas and concepts of credit and lending that had their roots in the ancient world
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Bank (other)
A bank is a financial institution and a financial intermediary that accepts deposits and channels those deposits into lending activities. Bank
Bank
or banking may also refer to:Contents1 Biology and medicine 2 Film and television 3 Finance 4 Music 5 Natural geography 6 Organizations and brands 7 Physical location 8 Physical surface 9 Sports 10 Transportation engineering, and aviation 11 Other uses 12 See alsoBiology and medicine[edit]Blood bank Gene bank Ova bank Seed bank Sperm bankFilm and television[edit]The
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Credit Card
A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's promise to the card issuer to pay them for the amounts so paid plus the other agreed charges.[1] The card issuer (usually a bank) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance. In other words, credit cards combine payment services with extensions of credit.[2] Complex fee structures in the credit card industry may limit customers' ability to comparison shop, help ensure that the industry is not price-competitive and help maximize industry profits
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Bank Account
A bank account is a financial account maintained by a bank for a customer. A bank account can be a deposit account, a credit card account, a current account, or any other type of account offered by a financial institution, and represents the funds that a customer has entrusted to the financial institution and from which the customer can make withdrawals. Alternatively, accounts may be loan accounts in which case the customer owes money to the financial institution. The financial transactions which have occurred within a given period of time on a bank account are reported to the customer on a bank statement and the balance of the accounts at any point in time is the financial position of the customer with the institution. The laws of each country specify the manner in which accounts may be opened and operated
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Bank Card
A bank card is typically a plastic card issued by a bank to its clients that performs one or more of a number of services that relate to giving the client access to funds, either from the client's own bank account, or through a credit account
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Christmas Club
The Christmas
Christmas
club is a savings program that was first offered by various banks and credit unions in the United States beginning in the first half of the 20th century, and including the Great Depression. The concept is that bank customers deposit a set amount of money each week into a special savings account, and receive the money back at the end of the year for Christmas
Christmas
shopping.Contents1 Origins 2 Promotion 3 Drawbacks 4 Trivia 5 References5.1 Notes 5.2 Citations 5.3 Bibliography6 External linksOrigins[edit] The first known Christmas
Christmas
club started in 1909, when Merkel Landis, treasurer of the Carlisle (Pennsylvania)
Carlisle (Pennsylvania)
Trust Company, introduced the first Christmas
Christmas
savings fund
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Deposit Account
A deposit account is a savings account, current account or any other type of bank account that allows money to be deposited and withdrawn by the account holder. These transactions are recorded on the bank's books, and the resulting balance is recorded as a liability for the bank and represents the amount owed by the bank to the customer. Some banks may charge a fee for this service, while others may pay the customer interest on the funds deposited.Contents1 Major types 2 How banking works 3 Regulations 4 ReferencesMajor types[edit]Transactional accounts, known as "current accounts" in the Commonwealth and "checking accounts" in the United StatesA deposit account for the purpose of securely and quickly providing frequent access to funds on demand, through various different channels
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Money Market Account
A money market account (MMA) or money market deposit account (MMDA) is a deposit account that pays interest based on current interest rates in the money markets.[1] The interest rates paid are generally higher than those of savings accounts and transaction accounts; however, some banks will require higher minimum balances in money market accounts to avoid monthly fees and to earn interest. Money market
Money market
accounts should not be confused with money market funds, which are mutual funds that invest in money market securities.Contents1 United States1.1 How it works 1.2 History2 ReferencesUnited States[edit] How it works[edit] In the United States, deposit holders are permitted to write checks and use debit cards to withdraw funds from money market accounts on demand. However, for regulatory purposes, the accounts are regulated as savings accounts under Regulation D (FRB)
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Savings Account
A savings account is a deposit account held at a retail bank that pays interest but cannot be used directly as money in the narrow sense of a medium of exchange (for example, by writing a cheque). These accounts let customers set aside a portion of their liquid assets while earning a monetary return. The other major types of deposit accounts are the transactional account (usually known as a "checking" (US) or "current" (UK) account), money market account, and time deposit.Contents1 Regulations1.1 United States2 References 3 External linksRegulations[edit] United States[edit] In the United States, the term "savings deposit" includes a deposit or an account that meets the requirements of Sec. 204.2(d)(1) of Regulation D (FRB). The depositor is permitted to make up to 6 pre-authorized transfers or withdrawals (excluding withdrawals via an automated teller machine) per month or a statement cycle of at least four weeks
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Time Deposit
A time deposit or term deposit (also known as a certificate of deposit in the United States) is a deposit with a specified period of maturity and earns interest.[1] It is a money deposit at a banking institution that cannot be withdrawn for a specific term or period of time (unless a penalty is paid).[citation needed] When the term is over it can be withdrawn or it can be held for another term. Generally speaking, the longer the term the better the yield on the money
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Transaction Account
A transaction account, checking account, current account or demand deposit account is a deposit account held at a bank or other financial institution. It is available to the account owner "on demand" and is available for frequent and immediate access by the account owner or to others as the account owner may direct. Access may be in a variety of ways, such as cash withdrawals, use of cheques (checks) and debit by electronic transfer. In economic terms, the funds held in a transaction account are regarded as liquid funds and in accounting terms they are considered as cash. Transaction accounts are operated by both businesses and personal users
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ATM Card
An ATM card is a payment card or dedicated payment card style card issued by a financial institution which enables a customer to access automated teller machines (ATMs). ATM cards are payment card size and style plastic cards with a magnetic stripe or a plastic smart card with a chip that contains a unique card number and some security information such as an expiration date or CVVC (CVV). ATM cards are known by a variety of names such as bank card, MAC (money access card), client card, key card or cash card, among others. Most payment cards, such as debit and credit cards can also function as ATM cards, although ATM-only cards are also available. Charge and proprietary cards cannot be used as ATM cards. The use of a credit card to withdraw cash at an ATM is treated differently to a POS transaction, usually attracting interest charges from the date of the cash withdrawal
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Debit Card
A debit card (also known as a bank card, plastic card or check card) is a plastic payment card that can be used instead of cash when making purchases. It is similar to a credit card, but unlike a credit card, the money comes directly from the user's bank account when performing a transaction. Some cards may carry a stored value with which a payment is made, while most relay a message to the cardholder's bank to withdraw funds from a payer's designated bank account. In some cases, the primary account number is assigned exclusively for use on the Internet and there is no physical card. In many countries, the use of debit cards has become so widespread that their volume has overtaken or entirely replaced cheques and, in some instances, cash transactions. The development of debit cards, unlike credit cards and charge cards, has generally been country specific resulting in a number of different systems around the world, which were often incompatible
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Universal Bank
A universal bank participates in many kinds of banking activities and is both a commercial bank and an investment bank as well as providing other financial services such as insurance.[1] These are also called full-service financial firms, although there can also be full-service investment banks which provide wealth and asset management, trading, underwriting, researching as well as financial advisory. The concept is most relevant in the United Kingdom
United Kingdom
and the United States, where historically there was a distinction drawn between pure investment banks and commercial banks. In the US, this was a result of the Glass–Steagall Act
Glass–Steagall Act
of 1933. In both countries, however, the regulatory barrier to the combination of investment banks and commercial banks has largely been removed, and a number of universal banks have emerged in both jurisdictions
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Electronic Funds Transfer
Electronic Funds Transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff. EFT transactions are known by a number of names
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Electronic Bill Payment
Electronic bill payment is a feature of online, mobile and telephone banking, similar in its effect to a giro, allowing a customer of a financial institution to transfer money from their transaction or credit card account to a creditor or vendor such as a public utility, department store or an individual to be credited against a specific account. These payments are typically executed electronically as a direct deposit through a national payment system, operated by the banks or in conjunction with the government. Payment is typically initiated by the payer but can also be set up as a direct debit. In addition to the bill payment facility, most banks will also offer various features with their electronic bill payment systems
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