Commercial banks are common for both personal bank accounts and business bank accounts. Some people choose them when it comes to applying for a loan or managing their money. They provide a variety of services including checking and savings accounts, payment and transaction processing, business lines of credit and loan or mortgage options. They have more advantages than other types of banking such as credit unions.
Most commercial banks are large companies. You can find these companies all over your town, state or country. Some commercial banks have businesses in other countries as well. Some commercial banks are located inside of malls or retail stores. You have the ability to access your money and account information from almost any location.
Commercial banks have the ability to provide customers with low prices. Like wholesale companies, they buy in bulk and sell at discount. Some discounts they may offer include free checking, no fees when opening savings or checking accounts and having low interest rates on real estate loans.
Compared to credit unions, commercial banks offer more products and services. Commercial banks offer every banking service that a small banking company would offer plus CDs, investment accounts, loans, commercial real estate loans, mortgage plans and the option of having a debit card, credit card or both.
With the increased growth of technology, commercial banks offer their services online. Customers can keep track of their checking and savings accounts, transfer money to either of their accounts, pay their bills or apply for a loan. Customers can even speak to a customer service representative or bank specialist through the website. In order to access any of these services, customers may have to pay a monthly fee.
Customers can even keep control of their bank accounts when the commercial bank is closed. With the use of 24-hour ATMs, customers can withdraw or deposit money, access account information or transfer their funds. ATMs are conveniently located everywhere that the banks are located. Plus, you can use your debit card to use a commercial bank other than where you do your banking.