Gone are the days when banking had a long, exhausting and hectic schedule. I remember the days when I had to visit my bank at my school and cancel my classes for almost half a day. Whether depositing or withdrawing money from my account, I had to wait hours together and sit patiently until it was my turn. I still remember the gloomy faces of people waiting to cash their checks or send money orders. But there are still some banks in rural areas that still follow the same procedures as centuries old. Without a doubt, there have been some important changes in the banking sector over the years.
Are you interested in the history of banks? The term bank was borrowed in Middle English from Middle French banquet, from Italian banca, from the old German banc "bench, counter". During the Renaissance, Florentine bankers used tables as a medium of exchange and benches were covered with green tablecloths. One of the oldest evidences of banking is the silver Greek drachm used in the ancient Hellenic colony of Trapezus. It is housed in the British Museum in London. One of the most famous Italian banks is Medici Bank, which was opened by Giovanni Medici in 1397.
That's the story. Now back to the current scenario. Transactions in banks are mostly minimized these days. People stopped flocking to banks for every petty reason. What is the reason for that? Making ATMs and online banking, of course. With the introduction of this facility, people can now enjoy the privilege of being able to withdraw and deposit funds comfortably and comfortably at home.
Banks are of many types. There are retail banks that only focus on ordinary banking activities, while investment banks are limited to capital market activities. There are commercial banks in investment banks that deal with commercial finance. There is a third category of banks called universal banks, also known as financial services, and they handle most of the different activities that retail banks and investment banks combine. Universal banks also sell insurance. In addition to the three categories of banks, there are other types such as central banks which are state-owned and control commercial banks. There are also Islamic banks that operate under Islamic law.
Now we come to online banking. This is a type of financial transaction that takes place on a secure website. You can make payments to third parties, such as online bill payments. It is possible to transfer money between transactional accounts and savings accounts. It is possible to buy or sell assets. You can view recent transactions with your account and download bank statements. It is also possible to view an image of a paid check. All these activities can be done at the touch of a button, just sitting at home.
ATMs are no exception. With the help of this machine we can access bank accounts and make money transfers, check deposits, check account balances and do many other things. They offer good exchange rates for overseas travelers as they attract different currencies and convert money at wholesale rates. This and many others.
We've covered almost everything about banking, but we've left out one aspect, namely the security of money stored, be it a bank or an ATM, because there are loopholes in every system. I recently discovered an ATM secured by the ADT alarm system and believe me it is an added benefit as a spring in the lid. After withdrawing the cash, I went home full.
