Banks in the United States serves as a major economic support for the people regardless age and financial status. It is very much important to know about the functions of banks as an American citizen. This article is a diligent analysis of the Retail and Commercial Banks in the United States-their systems and style of functioning. A fair knowledge of Retail and Commercial Banks will help you in dealing with your transaction based activities.

Categorization of the Banks in the United States

The working scenario of almost all the Banks in the United States is on an exact platform. All of the Banks in the United States give utmost importance for customer service. Besides, all of the Banks in the United States try to incorporate all the latest technologies in their functioning. This helps to enhance the interaction between banks and the customers in an easy way.

Retail Banking scenario

retail banking sector

These Banks are of one category that is very common in the United States. The main function of retail banks is to promote savings and transaction accounts. Retail banks also involve in providing mortgages, loans and all sort of debit as well as credit services. A lion’s share of spending that Americans do through retail banks. This proportion comes around seventy percent, interestingly.

Retail banking-working assortment

The main portfolio of the retail banks in the United States is to invite money from consumers as deposits. We also provide various loans and issues several credit types. It is been opined by the economic experts that retail banks in the United States are very much necessary 4 the incessant functioning of American economy. Retail banks can be termed as the treasury of us economy. Above all, the popularity of graph of retail banks in the United States is always up and has never came down. In short, consistent performance is the word that can be used while describing the status of banking sector- retail in the United States. Some of the most popular retail banks in the United States are Bank of America, JP Morgan chase and well Fargo.

Commercial Banks scenario in the United States.

Commercial banks in the United States are institutions which carry a huge responsibility in accepting deposits, giving out loans for business houses. They also offer other financial services which include several investment products. The motto behind these banks initially was to enhance the financial support for large business houses. The cash flows here are managed by line of credits and other business services.

Commercial banking-Functioning assortment

Commercial Banks in the United States are in fact the key stone of all sorts of business and financial implications in the United States. They emphasize more on corporate houses rather than individual financial services. This includes providing heavy loans to the business firms and treasury management. Besides, it is been expected that the annual revenue contributed by commercial banks in the United States will be nearly 250 Million dollars by this year. In fact, commercial banks are termed as a division of large banks. The factor that it deals with huge and moderate business firms makes it different from retail banks.

Popular Commercial banks in the United States.

The commercial banking industry in the United States tries their best to incorporate all technological innovations. There by these banks cope with the changing economic environment smartly. Banks now works on the platform of modern corporate thinking. Analyzing the popularity chart, JP Morgan-Chase, the largest bank in the United States and sixth largest bank in the world comes first. Bank of America and Wells Fargo follows the list. Çiti Bank comes in the fourth position.

Conclusion

Even though the banking system in the United States may seem quite complicating and confusing, it is well defined. The functioning of these banks is on a prosperous platform. In addition to that this has always stood as a strong pillar supporting business houses in the United States. It also has served huge number of individual in their daily life. Undoubtedly, even after three centuries since its inception, banking sector of the United States is still growing taller.

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