Retail Banks

Retail banks are the most common type of bank used by individuals and small businesses.

When you think of your local bank, it’s probably a retail bank.

Banks like Chase Bank, PNC and Bank of America are common examples of retail banks, but in some cases these institutions also offer commercial banking services.

These are either small local banks or national banks with branches around the country.

Retail banks are commonly referred to as “consumer banks” because the vast majority of American consumers use retail banks to facilitate their daily financial transactions.

This type of bank can facilitate everything a person needs from a financial institution, from daily transactions to personal loans and certain brokerage services.

Here are some of the services offered by retail banks:

Bank accounts: retail banks are ideal for creating checking and savings accounts for individuals. Account minimums are relatively low, as are required initial deposits. There aren’t many fees associated with these accounts either, as long as you meet minimum account balances and don’t use an overdraft.
Loans: retail banks are a popular place for personal loans. Each bank will have different policies in terms of repayment and interest. You can also probably get car loans and home equity loans, depending on the bank and your credit history.
Debit cards: Debit cards are provided as a free item with your bank account.
Credit cards: you can also apply for a credit card for your bank account. Credit line requirements vary by bank and usually include your account balance, deposit frequency, and credit history.
Money orders and certified checks are also available from retail banks.
ATMs: all major retail banks will have ATMs in most cities. These ATMs are specifically designed for that bank’s customers and do not charge a fee when you transfer money through them.
Wire transfers: Money can be quickly transferred from one account to another at the same bank. These bank transfers are often completely free and take effect immediately.
Certificates of Deposit may also be issued by retail banks.
Specialized accounts. Finally, retail banks can usually create specialized accounts for different types of people. There are checking accounts for teenagers that can be opened with their parents, as well as specially designed accounts for college students.
Notary services can also be provided through these banks.
Retail banks are ideal for those looking for a convenient personal banking solution.

Retail banks make it easy for consumers to open accounts, maintain them and interact with their money.