Banks are common everywhere, but the same cannot be said about specific types of establishments. As Robert Jain can tell you, banks come in different forms, so it’s easy to imagine that they offer unique services compared to one another. What do these entail, you may wonder? For those who are curious to learn about this unique finance topic, here are a few of the types in question that you might want to know about.

Retail – When it comes to the different types of banks available, retail is perhaps the most common. For those who do not know – and Robert Jain can expand on this – retail banks are focused on helping consumers on individuals levels. They offer checking and saving accounts alike, which can be used for standard and long-term investing respectively. If you have either of these accounts, chances are that you work with a retail bank.

Online – The main selling point of online banks is in the name. For those who do not know, these locations operate entirely on the Internet, meaning that there are no physical locations to speak of. Nonetheless, some people prefer these due to how immediate they are, whether it’s in terms of deposits, withdrawals, or other functions entirely. This category matters, and companies such as Robert Jain Credit Suisse can agree.

Commercial – Even though retail banks can help individuals, this doesn’t mean that they have all the capabilities to assist businesses. This is where commercial banks can come into play, since they can go above and beyond to help companies of varying scopes. They can provide lines of credit, as well as manage payments made by customers. Examples such as these illustrate just how important commercial banking is for businesses, regardless of what they specialize in.

If you were curious to know about specific types of banks, these are among the most common. As you can see, they are designed to fit certain needs, not to mention various points of accessibility. It doesn’t matter if they are more focused on the Internet, or if they’re used to appeal to businesses more so than individuals. Whatever the case may be, understanding banking in the broadest sense will be able to help you in the long run.

For further financial details courtesy of Bob Jain, please visit Bob Jain Credit Suisse now.. Check here for free reprint license: The Categories Of Banks, From Robert Jain.