Personal Banking Services
In banking terminology, the term Personal Banking refers to banking institutions that can transact business directly with retail consumers instead of with other banks and corporations. Personal Banking is also sometimes known as Retail Banking.
For example, many people use the Personal Banking services provided by most retail commercial banks. These services typically include: mortgage loans, personal loans, debit cards and credit cards, as well as checking accounts and savings accounts. Depending on the bank, Personal Banking services can also include equity credit loans, deposit services, residential mortgages and individual retirement accounts. Some banks even offer Home Equity Lines of Credit or HELOCs. Personal Banking makes up a lucrative piece of the banking business, so this type of banking can be extremely competitive. Many retail banks also have a detailed customer agreement that you will need to read and sign before taking advantages of their Personal Banking services.