College - How Banks Work: An Insight into Modern Banking
How Banks Work: An Insight into Modern Banking
- College
At their core, banks serve as intermediaries between depositors and borrowers. They accept deposits from customers, providing a safe place to store money while paying interest on those deposits. These funds are then used to extend loans to individuals and businesses, generating revenue for the bank through interest charged on loans.
Banks also play a crucial role in facilitating payments. They offer checking accounts, debit and credit cards, and digital payment systems, enabling seamless transa
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