Blog Stuck On You

Are you looking for Finance Services Executive Jobs? Start here first for a solid examination of the industry!

Financial services are, in a nutshell, all services provided by the finance industry. The finance industry is comprised of banks, credit card and insurance companies, stock brokerages, investment funds and the like. In the US this refers primarily to banks, insurance companies and brokerage houses.

The most prevalent type of financial service is a commercial bank. A bank is a financial institution whose job is to act as a payment agent for customers, and to lend and borrow money. Banks have long been a powerful influence in both economics and politics, even though for a great deal of time they only dealt with businesses and not directly with consumers. However, banking services have expanded to include services targeted directly to individuals by pooling the risk of many small transactions.

Interestingly to aficionados and those searching for Financial Service Jobs, the word “bank” traces its beginnings all the way back to the Roman empire- a “bancu” was a long bench where money lenders would set up shop- though at that point in time the bankers only real function was to convert foreign currency into Imperial Roman currency.

Nowadays, commercial banks keep money physically safe while still allowing clients access to it, issue checkbooks to make paying by mail easier, provide personal, commercial and mortgage loans, and issue credit and debit cards which allow customers to use Automatic Teller Machines. Banks also provide wire transfer services and allow direct debits, which facilitate automatic bill payment, and can grant cashier’s and certified checks, as well as providing notary services.

Banks provide other services, including the issuance of promissory notes, processing electronic banking activities and internet banking, accepting deposits, lending money by way of overdraft, providing letters of credit, performance bonds and other forms of balance sheet accounting, currency exchange, and safety deposit boxes.

Some of the larger, economic functions of banking include:

Issuing money in the form of bank notes or checks that are payable to the bearer, allowing for secure transfers of funds.

Settling of accounts- banks act both as a paying agent and as a collection agent for their customers, which allows them to enable payment to easily flow between geographical areas.

Credit Quality Improvement- banks lend money to people with ordinary credit quality while remaining high quality borrowers themselves due to the holding of diverse assets and a high amount of capital.

Banking law derives from the contract between the bank and its customers and implies the following rights and obligations:

1. Bank account balance- the relationship between the bank and the customer. When the account balanceis positive, the bank owes the customer money, when it’s negative, the customer owes the bank money.
2. The bank agrees to pay the customer’s checks up to the amount of money in the customer’s account plus any pre-ordained overdraft limit.
3. The bank will not pay out of the customer’s account unless mandated by that customer in the form of a check
4. The bank has the right to combine a customer’s multiple accounts
5. The bank holds a lien on checks deposited to the customer’s accounts to the amount that the customer owes the bank.
6. Transactions must be kept private unless the customer relinquishes that right.
7. The bank will not close the customer’s account without notice.

Any of these terms may be changed if there’s an express agreement between the customer and the bank. Good luck in your search for Financial Planner Jobs- we hope this article has been helpful!

Tags: Career, Jobs and Employment