Focus on the types of banks and their services.
What Is a Bank? Banks are licensed financial institutions that offer services like accepting deposits or issuing loans. They may also provide other financial services, such as investments and foreign exchange. Banks are essential to the economy because they allow businesses and individuals to store their money and make loans. The national government or individual states regulate them. In some cases, they may be covered by regulations at both levels. At the state level, the department of banking or the department of financial institutions regulates how banks work, including how much interest they charge. Banks under their jurisdiction are usually audited and inspected to see if they follow regulations. On the other hand, the Office of the Comptroller of the Currency (OCC) regulates national banks by outlining rules on bank capital levels, asset quality, and liquidity . There are different types of banks, including commercial banks, savings and loan associations, credit unions, and inv...