Navegando entre bancos en EE.UU.: Conociendo los distintos tipos.

Navigating between Banks in The U.S.: Getting to Know the Different Types.

Continuing our journey through the world of banking in the United States, at this stop we will learn about the different types of banks that exist in the country. Did you know that not all banks serve the same purpose? Join us and together we will discover their main characteristics and functions.

Commercial Banks

These are probably the banks we are most familiar with. Commercial banks offer a wide range of services for individuals and businesses, such as savings accounts, checking accounts, loans and credit cards. They are the starting point for most of us when we think about opening an account.

Investment Banks

Unlike commercial banks, investment banks do not usually work directly with the public. Their primary function is to help companies raise capital, either by issuing equity or debt. They also advise on mergers and acquisitions. In short, they work on more complex and large-scale financial transactions.

Credit Unions

Credit unions are not-for-profit organizations that offer many of the same services as commercial banks. The main difference is that they are geared toward serving their members rather than making a profit. They generally offer more favorable interest rates and lower fees. To join, you usually have to meet certain requirements, such as living in a specific area or working for certain companies.

Online Banks

Technology has revolutionized the way we navigate the financial world. Online banks operate, as their name suggests, primarily or exclusively on the Internet. This allows them to offer lower fees and higher interest rates on savings products. The convenience of accessing our funds from anywhere is a great advantage, but it is essential to ensure that our online bank has adequate security measures in place.

Let’s Continue to Navigate Together

Today we broadened our horizon and learned about the different types of banks that navigate the financial waters of the United States. Each has its purpose and function, and depending on our needs, we can opt for one or the other. Continue to join us on this journey and find out more about how these institutions can help you in your day-to-day life. Until the next stop!

 

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