What is a term in banking?
A general term encompassing savings banks, savings and loan associations, and credit unions. ... Demand deposit accounts, NOW (negotiable order of withdrawal) accounts, and credit union share draft accounts are examples of transaction accounts.
What is banking in simple terms?
A bank is a financial institution licensed to receive deposits and make loans. Banks may also provide financial services, such as wealth management, currency exchange, and safe deposit boxes. There are two types of banks: commercial/retail banks and investment banks