Retail banking

Short description: Offering of services by a financial institution to the general public

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Part of a series on financial services

Banking

Types of banks

* Advising
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* Bulge Bracket
* Central
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* Community development
* Cooperative
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* Direct
* Export credit agency
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* Public
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* Savings and loan
* Universal
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Lists of banks

Accounts · Cards

|  Accounts

* Christmas club
* Deposit
* Money-market
* Savings
* Time deposit (Bond)

Transaction (checking / current)
Cards

* ATM
* Credit
* Debit

Funds transfer

* Electronic
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* Mobile
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* SWIFT
* Automated clearing house
* Giro

Terms

* Automated teller machine
* Bank regulation
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* Money creation

* Bank secrecy
* Ethical banking
* Fractional-reserve banking
* Full-reserve banking
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* Private banking

Related topics

Financial market (participants)

* Corporate finance
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* Public finance
* Financial law
* Financial regulation
* List of banks

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UML class diagram depicting retail banking

Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking (corporate banking).

Banking services which are regarded as retail include provision of savings and transactional accounts, mortgages, personal loans, debit cards, and credit cards. Retail banking is also distinguished from investment banking or commercial banking. It may also refer to a division or department of a bank which deals with individual customers.[1]

In the U.S., the term commercial bank is used for a normal bank to distinguish it from an investment bank. After the Great Depression, the Glass–Steagall Act restricted normal banks to banking activities, and investment banks to capital market activities. That distinction was repealed in the 1990s. Commercial bank can also refer to a bank or a division of a bank that deals mostly with deposits and loans from corporations or large businesses, as opposed to individual members of the public (retail banking).

## Contents

* 1 Products
* 2 Sub-types of retail banks
* 3 See also
* 4 References
* 5 Further reading

## Products

A retail bank in Leeds, United Kingdom

Typical banking services offered by retail banks include:

* Transactional accounts
* Checking accounts (American English)
* Current accounts (British English)
* Savings accounts
* Debit cards
* ATM cards
* Credit cards
* Traveler's cheques
* Mortgages
* Home equity loans
* Personal loans
* Certificates of deposit/Term deposits

In some countries, such as the U.S., retail bank services also include more specialised accounts, such as:

* Sweep accounts
* Money market accounts
* Individual Retirement Accounts (IRA's)

## Sub-types of retail banks

* Community development bank are regulated banks that provide financial services and credit to underserved markets or populations.
* Private banks manage the assets of high-net-worth individuals.
* Offshore banks are banks located in jurisdictions with low taxation and regulation. Many offshore banks are essentially private banks.
* Savings banks accept savings deposits.
* Postal savings banks are savings banks associated with national postal systems.

## See also

* Banking institution
* Financial risk management § Commercial and retail banking

## References

1. ↑ Reed, Eric (2023-03-30). "Retail Banking vs. Commercial Banking" (in en-us). https://www.thestreet.com/markets/retail-banking-vs-commercial-banking-15109546.

## Further reading

* Pond, Keith (2017). Retail Banking (4th ed.). Gosbrook. ISBN 9781912184002.
* Ball, Michael (1990). Under One Roof: Retail Banking and the International Mortgage Finance Revolution. Palgrave Macmillan. ISBN 9780312055660.
* Tiwari, Rajnish and Buse, Stephan (2006): The German Banking Sector: Competition, Consolidation and Contentment, Hamburg University of Technology (TU Hamburg-Harburg)
* Brunner, A., Decressin, J. / Hardy, D. / Kudela, B. (2004): Germanys Three-Pillar Banking System – Cross-Country Perspectives in Europe, Occasional Paper, International Monetary Fund, Washington DC 2004.

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