Definition of 'Retail Banking'
Retail banking is the most common type of banking in the United States. There are over 5,000 retail banks in the United States, with assets totaling over $15 trillion. The largest retail banks in the United States are JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup.
Retail banks offer a variety of services to their customers. These services include:
* Checking accounts: Checking accounts allow customers to deposit money, write checks, and make electronic payments.
* Savings accounts: Savings accounts allow customers to save money and earn interest.
* Loans: Loans allow customers to borrow money for a variety of purposes, such as buying a car or a home.
* Credit cards: Credit cards allow customers to make purchases and pay for them later.
* Investment products and services: Retail banks offer a variety of investment products and services, such as mutual funds and annuities.
Retail banks are regulated by the federal government. The primary regulator of retail banks is the Federal Deposit Insurance Corporation (FDIC). The FDIC insures deposits in retail banks up to $250,000.
Retail banking is a competitive industry. Retail banks compete with each other for customers by offering a variety of services and products, as well as competitive interest rates and fees.
Retail banking is an important part of the U.S. economy. Retail banks provide a variety of services to their customers, and they help to facilitate the flow of money in the economy.
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