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Banking
An organization, usually a corporation, chartered by a state or federal
government, which does most or all of the following: receives demand deposits
and time deposits, honors instruments drawn on them, and pays interest on them;
discounts notes, makes loans, and invests in securities; collects checks,
drafts, and notes; certifies depositor's checks; and issues drafts and cashier's
checks.
Related Terms
account, member bank, check, money order, certified check, brokered CD, credit,
commercial credit, cashier's check, central bank, commercial bank, commercial
paper, depository, Glass-Steagall Act, institution, savings and loan, credit
union, brokerage, investment bank, LIBOR, money center bank, mortgage banking,
National Bank, passbook, PIN, regional bank, state bank, World Bank, mutual
savings bank Would you like to help individuals and businesses with their
financial needs? If you said yes, a career in banking might be for you. The
banking program at Colleges prepares you for careers in personal and business
lending, residential and commercial mortgage lending, and bank management. As a
part of your studies you will gain first-hand experience managing a bank in the
computer-simulation ProBanker. You also experience life in the corporate
boardroom by presenting a strategic plan to members of the banking
community.Many banks also have evolved into diversified financial service
companies that offer investment and insurance products. If you have sales
skills, you may find a lucrative career path in selling financial products and
services for these diversified finance companies.
Introduction to Banking
The purpose of this section is to cover the basics of banking, especially on how
to select a bank and a checking account. Before we begin, here are a few basic
facts to get you started. First, a bank account enables you to access your money
quickly and easily, such as by writing checks and by withdrawing money from an
ATM. Second, a bank is the safest place you can put your money, because funds in
U.S. bank accounts are insured against loss by the federal government for up to
$100,000 per depositor. Third, you pay for the convenience and safety of
banking. Some accounts pay interest while others don't, but those interest rates
will be well below the rates offered by mutual fund companies and brokerages.
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