Retail Banking (Consumer Banking)

Author:

Moneyzine Editor

1 mins

September 25th, 2023

Advertiser Disclosure

Definition

The term retail banking refers to a financial institution that specializes in offering services to individual consumers, rather than businesses. Retail banking services include providing consumers with savings and checking accounts, personal loans, mortgages, debit cards as well as credit cards.

Explanation

Also known as consumer banking, retail banks specialize in providing services to individual consumers. Retail banking establishments are oftentimes branches of larger financial institutions, which might also provide businesses with investment or commercial banking services.

Retail banking services include offerings such as checking, savings and money market accounts; debit and ATM cards; credit cards; issuing of traveler's checks; writing mortgages and home equity loans; writing personal loans; maintaining individual retirement accounts; and offering longer term savings solutions such as certificates of deposit. Local branch offices may also offer consumers financial advice in areas such as wealth management and retirement planning; oftentimes through affiliations with organizations that specialize in providing these services.

Related Content

What Can Help You Meet Your Budget While Shopping for Important Items?
Budgeting while ensuring you don't compromise on quality can seem daunting. Whether filling your pantry, updating your wardrobe, or keeping up with the latest tech, smart shopping strategies are crucial for keeping your finances in check.
April 2nd, 2024
How to Make a Million Dollars in 10 Years
Truthfully, this title should actually be “How to Make a Million Dollars in 10 Years Without Going Into Debt", but that is just getting a little too winded for my liking. It’s true though!
November 5th, 2024
How to Apply Maslow’s Hierarchy to Your Money This Year
You might vaguely remember your psychology teacher talking about Maslow. He pointed at a picture of a triangle as you nodded off in the back of the school room.
November 5th, 2024
How to Tackle Multiple Savings Goals
When there’s only so much money to go around, there are often multiple savings goals competing for your money. Think of the young professional who’d like to get a more reliable car, buy a house, and save for retirement. Or consider the young family that’s saving for college, retirement, and a bigger house.
March 22nd, 2024
The Countdown to Early Retirement: 10 Expenses to Eliminate
Dreaming of waving goodbye to the daily grind five years ahead of schedule? The road to early retirement is paved with more than good intentions; it requires a meticulously crafted strategy with surprising twists. It's not solely about what you should be doing—like diligently saving a portion of your income or investing wisely—but also about what you need to stop doing.
March 22nd, 2024