Is your commercial bank able to handle financial aspect of your small business? Are you facing financial hardship as a small business owner and looking for an audit tone? If yes, then read the following article as it will help you immensely.
Commercial banking sector is going to take utmost care of all the things and thanks to its numerous services; you are going to ease yourself towards keeping a track of your hard earned money as well. It is highly imperative for you to be knowledgeable about them so that you can use their services in your distressing and challenging times.
Following are the 4 essential and effective services which are imparted by commercial banks to their clients
In such a technologically advanced world, you do not have to stand in long queues while visiting the bank’s branch. Unlike earlier times, you were literally helpless as you did not have any other option for your banking needs. However, with the advent of electronic banking, you get the luxury of withdrawing funds from ATM machines without going to banks. You can equally transfer funds via wire transfer method or via online payment method.
Online banking has proved itself as the sophisticated method as it gives you the convenience of handling mostly all aspects of your bank account while being at the comforts of your home and you can browse at the time which suits you too. You simply need to go to the website of bank and do all the things from there.
Range of Liability Products
Liability products are services and products which are made available by the commercial banks for their esteemed customers (business owners in such case). This is done in order to facilitate movement of funds. There are various liability products which the banks offer namely certificate of deposit, savings account, apart from other deposit products as well.
You need to know that your checking account is indeed a liability product which is extended by bank. Unlike other products; the bank does not earn interest from it.
Asset products range
Asset products are termed to be the host of service which is provided by the bank for facilitating the functioning of the business. The “asset products” are given such name as you have a claim in the bank’s existing assets.
Market has various types of asset products in the form of mortgages, loans, credit cards along with host of other options. You need to know that the interest rate levied on asset products vary from each other along with the terms of payment as well. The main source of income for commercial banks is the revenue which it earns from the customers.
Banks provide exemplary consultancy services for your various business plans, investments along with your growth and expansion apart from others.
Finally, these are the four services along with custodial safekeeping services in the form of lockers which are equally offered by various commercial banks for their reputed business clients as well.