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Essay on Bank | Bank Essay for Students and Children in English

February 13, 2024 by Prasanna

Essay on Bank: Banks are financial institutions that provide a loan or save customer’s money. The term ‘Bank’ is derived from the word ‘Banc’ or ‘Banque,’ which means a bench upon which the ancient day financiers would display their coins or transact their business in the market space.

Banks are an elemental part of society. Banks are located in different parts of the country and deal directly with the general public. They provide multiple services on customer-based requirements and provide lockers, ATM Services, money transfer, loans for houses and businesses, and several other monetary services.

Thus, Bank (s)provides primary monetary services that boost the economic development of the country.

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Long and Short Essay on Bank for Students and Kids in English

We have mentioned two essays- a 500 words Long Essay and a 200 words Short Essay. The extended essay on Bank consists of 400-500 words. The Long essay provides a framework that helps students with their competitive exams and assignments. The short essay on Bank is written for 200 words and is suitable for children and kids with their classwork.

Long Essay On Bank 500 Words in English

Given below is an extended essay on Bank for aspirants of competitive exam and students belonging to classes 6,7,8,9, and 10. The Bank essay helps the students with their class assignments, comprehension tasks, and even for competitive examinations.

A bank is a licensed monetary institution to make loans and receive or deposit money. It provides financial services such as safe deposit boxes, wealth management, and currency exchange.

The inception of a Bank/Banking system in India goes back to the Vedic civilization. Loans were given to those in need and were then known to be the name ‘rnalekhya or rnapatra.’ As time evolved, Big merchants and business people started bidding interests on loans to farmers and small traders and the unpayable assets were confiscated.

The first Bank established in India was the Bank of Hindustan at Calcutta in the year 1770. This was followed the start of other banks such as Bank of Calcutta, Bank of Madras, and Bank of Bombay in the early 19th century.

Classifications of a Bank

Commercial Bank: Theses may be government-owned or a private bank. There are 20 major commercial banks
Industrial or Investment Banks: These banks provide long-term loans or other features to any industrial concerns.
Exchange Banks: These banks deal with the foreign exchange of currencies. A few Indian commercial banks also handle foreign currency exchange deals.
Co-operative Banks: These are set-up regarding small-scale industries and farmer’s concern. Co-operative banks are subcategorized as Central Co-operative Banks and State Co-operative Banks.
Land Mortage Banks: These banks provide loan-term debentures to agriculturalists and farmers.
Central banks: This Bank occupies the central position in the country and is the financial market’s statutory body.
Saving Banks : these banks promote savings scheme among the middle-class families. However, the savings accounts are monitored by the commercial banks in India.
Indigenous banks: These lend money and finance the country’s internal trade.
Regional Rural Banks: Theses banks are set-up by the central government for the economic development of rural regions. The commercial banks sponsor these banks.

Functions of a Bank

The essential function of a bank is to receive deposits. Theses deposits are received as fixed deposits- which have a limited time frame, current deposits- require no interests and are framed mainly for business people and savings bank deposits to encourage savings with a 5 percent interest rate.

Another primary function of a bank is to lend money through cash credits or loans, overdrafts, or discounting bills. The banks usually charge a higher interest rate while giving money.

The banks also perform various agency functions that provide services such as remitting funds, sell and purchase shares and bonds, collect and paycheck bills, subscriptions, rents, etc.

Importance of a Bank

A bank helps people cultivate the habit of saving and provides safe custody. It collects bills, drafts, cheques, and grants credit facilities and loans to people. It facilitates making payments and secures the overdrafts and loans.

A bank also provides safe custody of valuables such as deeds, ornaments, documents, jewels, etc. It also sells and purchases stocks, shares, etc. A bank is essential as it provides Credit information and a Letter of Credit and acts as representatives and makes correspondence.

Top 10 Indian Banks

Bank of Baroda
Punjab National Bank
Canara Bank
Bank of India

Thus, a bank forms an integral part of society and is a critical factor that boosts economic development in the country.

Short Essay on Bank 200 Words in English

The 200 words short essay mentioned below is suitable for kids and children up to 6th standard. The essay is written to guide the children with their school works-assignments and comprehension exercises.

A bank is a financial institution that provides funds based on credits to firms or individuals and accepts money deposits from the general public. A bank offers various functions such as transfer of funds, issuance of drafts, locker facility, portfolio management, etc. The first established Indian Bank is the Bank of Hindustan, located at Calcutta in 1770.

There are different types of functioning banks, such as Retail banks, national banks, investment banks, savings banks, co-operative banks, commercial banks, land mortgage banks, exchange banks, industrial banks, and consumer banks.

A bank provides multiple functions such as eases trade and commerce, promote agricultural sectors, ensure safe deposits, aids industrial developments, provides employment, and encourages saving habits.

A bank plays a vital role in the economic development of a country as it removes the deficiency of capital and encourages investment and savings. It resembles all the savings of society and makes it available for investment.

There are a total of 34 functioning banks in India; out of 12 banks are public sector banks, and the remaining 22 banks are private sector banks. The Top ten banks include

In short, Indian banks play an essential role in boosting the economic development of a country. It mobilizes the financial resources and flow of money in a society.

10 Lines on Bank Essay

Banks are government certified financial institutions that lend or receive money deposits.
The Bank of Hindustan was the first Bank to be established in 1770 at Calcutta, while the State Bank of India, established in 1906, is the oldest functioning Bank.
Banks provide long and short term loans to individuals and corporate firms.
The Reserve Bank of India is a central monetary that controls and regulates the entire banking system- circulation of currency and credit.
India comprises 34 functioning banks, out of which 12 are public sector banks, and the remaining 22 are private sector banks.
There are multiple divisions in banks. However, the two primary classifications of a bank are Investment Banks and Commercial/Retail Banks.
The primary purpose of a bank is to provide consumers with ease of financial issues.
A bank plays a significant role in the economic development of a country. It aids in the removal of the deficiency of capital and encourages investment and savings.
A bank also performs other services such as remitting funds, sell and purchase shares and bonds, collect and paycheck bills, subscriptions, rents, etc.
The Bank acts as the lifeline of any economy and is significant for the development of a country.

FAQ’ On Bank Essay

Question 1. State the significant functions of a bank?

Answer: A bank’s primary function includes cash credits, overdrafts, discounting bills, granting loans, and accepting deposits. While their secondary duties include providing consumer finance, safe deposit for valuables, issues letter of credit, educational loans, etc.

Question 2. Which is the first Indian Bank?

Answer: The first Bank to be established in India was the Bank of Hindustan in 1770 at Calcutta.

Question 3. State the various types of banks?

Answer: A bank is classified as national banks, investment banks, retail banks, savings banks, industrial banks, co-operative banks, commercial banks, exchange banks, consumer banks, and land mortgage banks.

Question 4. Name the top ten Indian banks?

Answer: HDFC Bank, Axis Bank, IDFC Bank, SBI, Bank of Baroda, Punjab National Bank, ICICI Bank, Canara Bank, IDBI Bank, and Bank of India.

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Essay on Bank

Students are often asked to write an essay on Bank in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Bank

Introduction to banks.

Banks are financial institutions that help us manage our money. They offer services like savings accounts, loans, and financial advice.

Services Offered by Banks

Importance of banks.

Banks play a crucial role in our economy. They help businesses grow by providing loans and stimulate economic growth by managing the flow of money.

Safety in Banks

Banks are safe places to keep our money. They are regulated by the government and insured to protect our deposits.

250 Words Essay on Bank

Introduction to banking.

Banks, as financial intermediaries, play a pivotal role in the smooth functioning of an economy. They mobilize savings from surplus units and channel them into deficit units, fostering economic growth and stability.

The Fundamental Operations of Banks

Banks perform numerous operations, but their core functions revolve around accepting deposits and granting loans. Accepting deposits provides banks with the liquidity necessary to issue loans, their primary income source. Banks also offer various other services such as fund transfers, bill payments, and wealth management.

Role in Economic Development

Banks significantly contribute to a nation’s economic development. By providing loans, they stimulate business activities, promoting entrepreneurship and employment. Banks also facilitate international trade through various instruments like letters of credit, thereby enhancing a country’s foreign exchange reserves.

Regulation and Supervision

Banks operate under stringent regulatory supervision to protect depositors’ interests and maintain financial system stability. Central banks, like the Federal Reserve in the U.S., oversee commercial banks, implementing monetary policy to control inflation and stabilize the economy.

Challenges and Future Prospects

In conclusion, banks are indispensable to any economy. They not only facilitate economic transactions but also contribute significantly to economic development. However, the dynamic nature of the financial environment necessitates their continuous evolution.

500 Words Essay on Bank

Introduction.

Banks are financial institutions that hold a pivotal role in the economic structure of a country. They serve as the backbone of a nation’s economy, facilitating various financial transactions, providing loans, and offering financial services that drive economic growth and development.

The Role of Banks in the Economy

Banks are crucial in maintaining economic stability. They channel funds from savers to borrowers, thereby promoting investment and consumption, which are key drivers of economic growth. Banks also serve as intermediaries in financial markets, facilitating transactions and promoting liquidity. They ensure efficient allocation of resources by directing funds from less productive to more productive sectors.

Types of Banks

The banking sector is diverse, with different types of banks offering a range of services. Commercial banks cater to the general public and businesses, offering services like deposits, loans, and basic investment products. Central banks, on the other hand, control a country’s monetary policy and regulate other banks. Investment banks specialize in large and complex financial transactions, such as underwriting, conducting mergers and acquisitions, and raising capital for companies.

Regulation and Supervision of Banks

Challenges facing the banking sector.

The banking sector faces several challenges, including technological disruption, increased competition, and changing customer expectations. The rise of fintech companies has disrupted traditional banking models, forcing banks to innovate and adapt. Moreover, in the wake of the global financial crisis, banks are grappling with stricter regulatory requirements and increased scrutiny.

The Future of Banking

The future of banking lies in digital transformation. Banks are increasingly leveraging technology to improve customer experience, streamline operations, and enhance risk management. Technologies like artificial intelligence, blockchain, and big data are set to revolutionize the banking industry. However, this digital transformation also brings new challenges, such as cybersecurity risks and regulatory issues.

If you’re looking for more, here are essays on other interesting topics:

Essay on Bank: Origin, Meaning and Functions | Banking

After reading this article you will learn about:- 1. Origin and Development of Bank 2. Meaning and Definition of Bank 3. Classification 4. Functions 5. Advantages or Importance.

Origin and Development of Bank:

There is no unanimity of opinions about the origin of the word ‘Bank’. According to some monetary experts, the word ‘Bank’ is derived from ‘Banco’. ‘Bancus’, ‘Banque’ or ‘Banc’ all of which mean a bench upon which the early moneylenders used to display their coins and transact business across the bench in the market place. Banks in past used to be known as seths, shroffs, goldsmiths, etc.

Banks are indispensable in every walk of life. Banks are the nerve centre of trade, commerce and business of an economy. Banking plays a very important role in the economic development of all the nations of the world. In fact, banking is the life-blood of commerce.

Meaning and Definition of Bank:

A bank as understood in the present day world in simple language is an institution which deals in money. Broadly speaking, banks draw surplus money from the persons who are not using it at the time and lend to those who are in a position to use it for productive purposes.

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The important definitions of ‘Bank’ are given below:

1. According to Prof. Sayers – “Bank is an institution whose debts (bank deposits) are widely accepted in settlement of other people’s debts to each other.”

2. According to Dr. H.L. Hart, “A bank is one cho, in the ordinary course of his business, honours cheques drawn upon him by persons from and for whom he receives money.”

3. According to Findlay Shiras, “Bank is as a person, firm or company having a place of business where credits are opened by the deposit or collection of money or currency subject to be paid or remitted upon drafts, cheques or orders or where money is advanced or loaned or stocks, bonds, bullion and bills of exchange and promissory notes are received for discount and sale.”

4. According to Crowther, “A banker is a dealer in debts, his own and of others.”

5. According to Kinley, “Bank is an establishment which makes to individuals such advances of money or other means of payment as may be required and safely made and to which individuals entrust money or means of payment when not required by them for use.”

6. According to Banking Regulation Act, 1949, “The word banking as “the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise and with draw able by cheque, draft, order or otherwise.”

From the above definitions of bank we come to the conclusion that bank is an institution which deals in cash and credit.

Classification of Banks:

Commercial banks are the most important type of these institutions. Besides the commercial banks there are central bank, industrial banks, co-operative banks, etc. These different institutions conduct their operations in a different manner.

The banking institutions can be classified into following types on the basis of their functions:

1. Commercial Banks:

These are the most common and important type of banking institution. A commercial bank is a monetary institution which serves the interest of its depositors by providing with security vaults for the surplus resources and, on the other hand, makes profits by investing its resources in the productive measures by extending loans.

Commercial banks may be owned by the government or they may be run in the private sector. For instance, 20 major commercial banks are nationalised in India. The other private sector banks are organised on the lines of a Joint Stock Company. Commercial banks are therefore dealers in loanable funds of the community.

2. Industrial Banks:

These banks have come up for the promotion of new industrial concerns. Industrial banks or investment banks provide medium and long-term loans and also supply fixed capital to the industrial concerns by subscribing to the shares and debentures of the industrial enterprises. Indian Finance Corporation and Investment Corporation of India are the examples of industrial banks in India.

3. Exchange Banks:

Exchange banks are those banks which deal in foreign exchange, that is, to convert the rupee into foreign currencies and vice versa. Dealings in foreign exchange are also handled by the commercial banks. In our country, dealings in foreign exchange are conducted by the foreign exchange banks as well as Indian commercial banks.

4. Co-Operative Banks:

Co-operative banks have been set up to meet the requirements of very poor farmers and small scale industrial concerns.

These banks are classified in two groups, such as:

(i) Central Co-Operative Banks:

Members of these banks can be individual or the societies. These banks can get capital resources from their shares, from public deposits and also get loans from the State Co-operative Banks.

(ii) State Co-Operative Banks:

These banks are also called ‘apex banks’. Their area of operation extends over a state. These banks get short and medium- term loans from the Reserve Bank of India. The co-operative banks play a very useful role in agriculture credit.

5. Land Mortgage Banks:

These banks provide long-term credit to farmers and agriculturists against the security of their land. The loan is extended for the purchase of tools, implements, equipments and for financing permanent improvements with a view to increase yield from land. These banks raise their resources in the form of shares and by issuing of long-term debentures.

6. Central Bank:

At present there in no country in the world, which has not set up a Central Bank of its own. A Central Bank is so-called because it occupies a central position in the monetary and banking system of a country and is the highest financial authority. It is the apex bank and the statutory institution in the money market of a country.

In India, it is named Reserve Bank of India. The main function of this bank is to regulate and supervise the whole banking system. It is banker’s bank and controller of credit in the country. Now a day’s Central Bank in every country has been given the sole right of note-issue. It is a lender of last resort and custodian of foreign balances of the country.

According to Prof. Dudly Johnson, “A Central Bank is an institution charged with the responsibility of regulating the supply and cost of money in the interests of the general public.”

7. Saving Banks:

These institutions have been set up to promote the savings of the middle income group of the society. In our country, postal saving banks arc a good example of such banks. These banks collect the small savings of the public and operate savings accounts. Savings accounts are also operated by the Indian commercial banks.

8. Indigenous Banks:

These banks have been called by different nams in different parts of the country, such as, seths, shroffs, mahajans, sahukars, chettis, etc. The indigenous bankers generally lend money and finance the internal trade of our country. The rate of interest is comparatively higher.

9. Regional Rural Banks:

Rural banks, meant for the development of rural economies, have been established by the Central Government at the request of commercial banks who have sponsored such proposal and are called the Sponsor Banks. Each rural bank will have an authorised capital of Rs. 1 crore and issued and paid-up capital of Rs. 25 lakhs. These banks grant loan to small farmers, small entrepreneurs and agricultural labourers.

Functions of a Bank:

The functions/services of a bank may be categorised in the following heads:

1. To Receive Deposits:

To receive money from the public is an important function of a bank. There are many people who have surplus funds but cannot use their funds profitably or ideally. They deposit these surplus funds with the bank.

Deposits are received by the banks in the following three forms:

(i) Fixed Deposits:

Fixed deposits are known as Time Deposits. Under fixed deposits money is deposited for a fixed period and cannot be withdrawn before the expiry of the time as decided by the customer. These deposits fetch comparatively higher rate of interest.

(ii) Current Deposits:

These are mainly concerned with businessmen who have to visit the bank every now and then for the purposes of money transactions. Current deposits can be withdrawn any time by any amount. Generally no interest is paid on such deposits.

(iii) Saving Bank Deposits:

The main objective of saving deposits is to encourage saving among the persons. The rate of interest on such deposits is 5 percent. Some banks have placed restrictions on the number of withdrawals but others permit free withdrawal policy.

2. To Lend Money:

This is one of the important functions of a bank. It is also the chief source of profit to most of the banks. Banks accept deposits from those who have surplus money and grant loans and advances to those who need them. Banks charge comparatively higher rate of interest on the amount advanced as a loan.

Loans are advanced by the bank in the following forms:

(i) Cash-Credits:

Banks may advance cash-credits. This system of granting cash-credits is very popular in Scotland. According to H.D. Macleod, “Cash-credit is to Scotland what the river Nile is to Egypt, a fertilizer.” Cash-credits in India are not given against the personal security of the borrower. On the other hand, cash- credits are based on the promissory notes of the borrowers backed by the collaterals like shares, stocks, bonds or goods.

(ii) Overdrafts:

It is a temporary help being extended by the banks. ‘Overdraft’ means giving money in excess of the deposits of the depositor. Secured overdrafts are granted against several types of securities. The interest is charged on daily overdrawn balances.

(iii) Loans and Advances:

Banks also advance loans to businessmen, consumers, farmers-, etc. In case of a loan, a specified amount is sanctioned by the bank to the customer. The borrower is required to pay interest on the entire amount of loan from the date of sanction.

(iv) Discounting of Bills and Hundies:

The bank may also lend by discounting bill of exchange. Discounting a bill of exchange amount to the advancing of a loan against a promise to pay in future. This is the most popular method of lending by the commercial banks as the loans are self-liquidating.

3. Agency Functions:

Apart from lending and investing activities, the banks perform a number of useful services for their customers. In doing so, banks act as agents to their customers.

These services include the following:

(i) The banks remit funds on behalf of their clients, by mail transfer or drafts.

(ii) The banks also collect and pay the cheques, bills, promissory notes, dividend warrants, subscriptions, rents, insurance premium and other periodical receipts and payments of their clients.

(iii) Banks also sell and purchase shares, stock, debentures and bonds etc. on behalf of their customers.

(iv) Commercial banks also act as executors, trustees and attorneys for their customers.

(v) Banks also help their customers to get refund of income-tax, if any.

4. Other Functions:

In addition to the above functions being performed by commercial banks, a large number of other functions called ‘miscellaneous services’ are also being rendered by these banks.

(i) Issuing of letters of credit to their customers to help and enable them to go abroad.

(ii) Receiving the valuables, ornaments, jewels and documents of their customers.

(iii) Issuing of bank drafts and traveller’s cheques in order to facilitate the transfer of funds from one part of the country to the other.

(iv) The commercial banks also do the underwriting business.

(v) The banks also collect statistical information pertaining to trade, commerce and industry.

(vi) Furnishing guarantees on behalf of customers.

Advantages or Importance of a Bank:

Banks are the nerve centre of trade, commerce and business in a country. Banking is the life-blood of modern commerce. Banking plays a very important role in the economic development of all the nations of the world. There are a large number of banks which are working in all types of economic systems in the world. Banks are beneficial for all.

The main advantages of banks are as follows:

1. To Cultivate Habit of Saving:

Banks cultivate the habit of savings in the public. Savings in the bank on the one hand are safe and on the other hand earn interest for its depositors are prompted to save and deposit in their bank accounts. This is the main advantage of a bank.

There is always a risk in keeping cash with one’s own self. The money with the bank remains in safe custody. Every businessman likes to keep money with the bank to avoid the risk.

3. Facility in Making Payments:

It is also an important function of a bank. Payments are greatly facilitated through cheques which is always convenient and safe and avoids disputes. There is no need of counting money, when payment is made by means of cheques.

4. Collection of Cheques, etc.:

Banks also collect the amount of cheques, drafts, bills of exchange, etc. on behalf of their customers.

5. Securing Loans and Overdrafts:

Banks grant loans and credit facilities to the people. In this way, banks help merchants and traders. Banks also allow overdraft facilities to their customers. Under overdraft facilities the bank allows its customers to over-draw his current account upto an agreed limit.

6. To Provide Credit Information and Letter of Credit:

Banks provide information relating to the creditworthiness of their customers. Whenever anybody wants to know the financial position of a business, he is referred to its banker, who supplies him the detailed information. Banks also issue letters of credit to their customers to help and enable them to go abroad.

7. Safety of Valuable Articles:

Valuables, jewels, ornaments, documents, deeds, etc. can be put in the bank for safe custody. Banks provide lockers to their customers to store these valuable articles.

8. Representation and Correspondence:

Many a time banks procure passports, tickets for their customers and act as their representatives. Banks also make correspondence on behalf of their customers.

9. Sale and Purchase of Securities:

Banks also sell and purchase shares, stocks, debentures and bonds etc. on behalf of their customers.

10. Other Services:

In addition to the above mentioned services banks also provide various other services to their customers, such as-collection and payment of dividends, bills etc., remittance of funds, payment of insurance premium, travellers’ cheques, etc.

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EssayBanyan.com – Collections of Essay for Students of all Class in English

Essay on Bank

All of us have seen a bank and most probably have also visited them. But very few of us know about their types and all of their functions. I have brought these essays containing all the details about a bank and will also help you in wiring your essays.

Short and Long Essays on Bank in English

Essay on Bank for students of class 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11 and class 12 in English in 100, 150, 200, 250, 300, 500 words. Also find short Bank essay 10 lines.

Bank Essay 10 Lines (100 – 150 Words)

1) Banks are the place where people keep their money.

2) Works related to money like loans, transactions, etc are done in banks.

3) In 16 th to 19 th centuries, modern banks came into existence.

4) Banks keep our money, ornaments, important papers, etc safe.

5) The loan facility of banks provides great help to the people.

6) There are many government and private banks in India.

7) In India all the banks are controlled and managed by the Reserve Bank of India (RBI).

8) Banking sector employs a huge population.

9) The first bank of India was the Bank of Calcutta which was later named as State Bank of India.

10) Today internet and technology have made banking easier.

Essay 1 (250 Words) – Bank

Introduction

Banks are the places where we keep our money or do all our money-related work. Either it is getting a loan or something else. This type of place has been addressed as a bank. Although the word has various meanings, all of them mean the same. It is a place where you feel relaxed. When we are in pressure or have to solve some money-related problems we visit a bank.

How Banks Came into Existence

The existence of a bank was seen for the first time in Mesopotamia in 8000 BC. The evidence of bank and temples were seen in this civilization. These banks were not made for lending money because the money came afterword. These banks were made for lending seeds and agricultural stuff. They also used to keep records of trading.

Modern banking came into existence between the 17th to 19th centuries. It is said that Goldsmiths were the first bankers and they use to lend money to people and people use to keep their valuable things near goldsmiths.

The first-ever bank which offered bank noted was the Bank of England. It further developed and today we have well-established banks. We also have ATMs and Credit cards, etc. All these things have made banking easy.

Everything established in this world slowly. Either it was a man or a bank. Things develop and progress as per time. Today things seem so simple to us but they were not so simple and easy years before. A bank is one of the best examples which show development and change in society.

Essay 2 (400 Words) – Bank and Its Importance

Banks are denoted as one of the most important pillars of our economy. People keep their savings in these banks and this helps our nation to progress. Banks help people in various ways; they lend money for different work. Like if you have to buy a house, a car, even a laptop, banks give us money on certain interests and we can easily pay it in different instalments. Apart from this, there are many more uses of a bank.

Importance of Banks

Banks are important and useful in many ways and I have mentioned some of the most important uses below;

Provides Safety

We feel safe when we keep our money in a bank. Not only money people also keep other valuable things in banks like ornaments, important papers, etc. They provide overall security and many of our parents really feel thankful that they can safely keep their money somewhere. It will be not wrong if I say that we sleep peacefully because we have banks to protect us.

Saves our Money

It is a human tendency that if we have money in our pocket, we will definitely spend it. Whereas if they are in a bank, we feel a bit lazy to use and also banks provide interesting profits and sometimes they also double your money in some schemes. This saves our money and we develop a good bank balance.

Develops Employment

There are more than thousands of employees working in a particular bank and there are 34 banks and all of them have more than 3 branches in a particular city. They are also available in villages, really one of the hottest sectors which provide employment. Many of us just love to be a part of a bank because it is a reputed job.

Provides Loan Facilities

It was a time when people use to help each other and families use to do everything for their near and dear ones. But time has changed how people live in nuclear families and they do not have many contacts. People in cities hail from different places as a result they won’t trust. Then who will help you financially, who will trust you and give you some money when you need it. It is a bank which provides loan and helps you financially.

Banks are important parts of our life and have become very necessary for us. We can’t imagine a society without a bank. We can’t trust others, but we can trust a bank and they are our true friends who never ditch us and also protect our money.

Essay 3 (500 – 600 Words) – Types of Banks

We go to school for education, we visit a temple for prayer similarly there is a place where we visit to solve our money-related problems. We save our money, valuable things and also get a loan. A one-stop solution for all types of money related problems. There are many banks in India and some of them are government whereas some of them are private. All of them do the same job and help people in different ways.

The First Bank

Banca Monte dei Paschi di Siena or Berenberg Bank holds the credit of the world’s oldest bank and it was established in the year 1624.

Whereas Bank of Calcutta was the first bank of India established in the year 1806. The name was further changed as Bank of Bengal and also today known as SBI.

Types of Banks:

Banks are of different types some help people in their agricultural problems whereas some help us in our day-to-day problems. I have defined them below;

Central Banks

Banks that are controlled by legislative bodies are central banks. It can be a central bank or reserve bank. We can also state them as the main bank which decides the interest rates as per inflation in the country. They are not only a bank but they also keep an eye on other banks and controls the overall money supply. They also take care of any kind of foreign exchange as well as government bonds. We can call them as the head of all banks.

Commercial Banks

A bank, that is, specially designed for the development of business. They provide loans and some business benefiting offers. They especially support middle to big size business.

Retail Banks

Another name of Retail bank is consumer bank; these banks provide all kinds of facilities to costumers. They won’t lend money to companies or other institutions. People save their money in these banks and they have their easy access to their accounts. They can take or deposit money whenever they want. They provide credit cards, debit cards, ATM facilities, etc to the customer.

Private Banks

Private Banks are also banks having people with personal profits. They provide all facilities like other retail banks just they are not authorized by government agencies. Although the government has an eye on every bank they have very few shares owned by government sectors.

Online Banks

Online banking or internet banking is one of the most convenient forms of banking. They are easily available where ever you want on your fingertips. It is also termed as virtual banking and is a branch of banking. Digital transactions are specially used in this mode of banking and it is most popular these days.

Savings Bank

That bank where we simply deposit our money and they provide us with some interest in our money is saving bank.

Regional Rural Bank

These banks are specially designed for people living in rural areas. They are commercial banks but they are operated at the regional level. They provide all kinds of financial facilities to people living in that area and work for their betterment.

Banks are the basic structures of our economy; they are very helpful in developing a nation. They secure our money and also invest that money in other sectors and generate new income. Really banks are very important and they also help normal people in developing a new business or even buying a house. They have multiple uses and they are available everywhere. We can easily find ATMs and have our money whenever needed.

FAQs: Frequently Asked Questions

Ans . There are 12 public sector banks in India after the merge of smaller banks into larger ones.

Ans . The State Bank of India is the largest public sector bank in India.

Ans . IndusInd Bank, originated in 1994, is the India’s first private bank.

Ans . The ICICI bank is now partnered with PhonePe for UPI transactions.

Ans . The first governor of Reserve Bank of India was Osborne Smith.

Ans . The ICICI bank has recently started the Whatsapp banking services.

Ans . The best bank in India is HDFC bank.

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Essay on Bank in English for Children and Students

Table of Contents

Banks are financial institutions that deal in monetary transactions. Banks form an integral part of any society. There are numerous banks located in different parts of our country. While earlier there were limited number of banks with a few branches in big cities and towns in India, a number of new banks have opened in the last few decades with branches in every nook and corner of the country. Banks provide a lot of services based on the customer’s requirements. They provide locker facilities, safe deposits, ATM Services, Fixed Deposits, money transfer, loan for business and houses and several other monetary services to their customers.

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Long and Short Essay on Bank in English

Here are essay on Bank in English of varied lengths to help you with the topic whenever you required.

After going through these Bank essay, your knowledge about banks, their functioning and their usefulness will enhance and you will emerge as a knowledgeable person.

These essays will prove useful in your school or college assignments, especially for students of commerce or banking.

You can select any bank essay of your choice given below:

Bank Essay 1 (200 words)

The banking system that involves accepting deposits and lending money initiated centuries back in various parts of the world. The system improvised over the time and the banks these days offer various other facilities in addition to the basic depositing and lending of money.

People are encouraged to keep their money in the banks because it is a safe and secure way to store the money. The money stored in the bank in the form of fixed deposits and recurring deposits also fetches a good amount of interest. In addition to money, one can also keep jewellery and important papers in the bank lockers.

Providing loans, which is another primary function of the banks, is also beneficial for individuals and businesses in many ways. Salaried people can build their assets such as property, car, etc easily with the help of loans from the bank. Businessmen can expand their businesses with this facility. A number of other services are also provided to the businessmen to ease their financial transactions and aid in the growth of their business.

Online Banking has further enhanced the process of banking. Various banking services such as checking balance, transferring amount, applying for loan are now provided on the bank’s website. All the customers require doing is opting for internet banking service.

Bank Essay 2 (300 words)

Introduction

Banking system has been in place since centuries. The system has been prevalent in India as well as other parts of the world. Only the services provided and the functions carried out have enhanced over the time.

History of Banks

Banking service began back in the 14 th century in some parts of Renaissance Italy. It was initiated on the lines of the concept of lending and borrowing that took place among people since the ancient era. In the ancient times, the merchants gave grain loans to the traders and farmers. This was called the barter system. Over the time the system evolved to accepting deposits and lending money.

The Fuggers, the Medicis, the Berenbergs, the Rothschilds are among some of the banking dynasties that are known to play a central role in the history of banking. They dominated this sector for centuries. Modern banking services such as issuance of banknotes and reserve banking started in the 17 th century. Bank of England and The Royal Bank of Scotland are some of the oldest banks in the world.

History of Banks in India

In India, the banking system dates back to the Vedic civilization. Loans were given to the needy in that era too only the nitty-gritty’s involved in the same were different. Loans deeds in that period were known by the name rnalekhya or rnapatra.

Big businessmen and landlords gave money to the small traders and farmers on interest in the earlier times. This culture is still prevalent in some villages in the country. The lands or other valuable assets of those who were unable to pay the amount were confiscated just as the banks do these days.

The first bank established in India was the Bank of Hindustan. It was opened in the year 1770 in Calcutta. Bank of Bombay, Bank of Calcutta and Bank of Madras were set up later in the early 19 th century.

There are numerous types of banks in every country to cater to the needs of different customers. They provide various services and aid in the growth of the country’s economy.

Bank Essay 3 (400 words)

A bank is an institution that accepts money deposits from the public and provides funds on credit to individuals as well as firms. These are the primary functions of a bank but not the only functions. They provide various other services to its customers such as locker facility, transfer of funds, issuance of drafts and portfolio management to name a few.

Importance of Banks

Banks are important for the individuals as well as the development of the country’s economy. Here is why these institutions are of importance:

Provides Safety and Security

Money kept at home is not safe. It is prone to burglary. When you keep your money in the bank, it is the bank’s responsibility to safeguard it. You do not have to worry about its security.

Encourages Saving Habits

Banks offer various schemes from time to time to encourage saving habits in people. The money put in the bank is not only saved but also grows. You have the option of withdrawing it any time you want.

Eases Trade and Commerce

Banks promote trade within the country by providing loans and advances to the traders. It also eases the process of trading between different countries. They provide easy money transaction options to smoothen the process. It is easy to send and receive funds from anywhere with the advancement in the banking system.

Promotes Agricultural Sector

Agricultural sector is an important part of the economy. There are special banks that provide loans to the farmers at low interest to promote agricultural activities. Banks thus aid in promoting the agricultural sector.

Aids in Development of Industries

Banks accept deposits from individuals and businesses and provide loads to the industries. They thus aid in the development of various industries in this way. The loan can be repaid in easy instalments.

Provides Employment Opportunities

Banks provide loans for the growth and development of the agricultural and industrial sectors. As these sectors expand, a number of employment opportunities are created for the public.

Banks are an important part of any country. The modern banking services have helped in easing the process of trade, development of industries and other activities that help in the development of the country’s economy. Banks and other financial institutions that promote the growth of businesses and safeguard the money and other valuable assets of individuals are certainly play an integral role in the development of a country’s economy.

Bank Essay 4 (500 words)

Banks play an important role in maintaining financial stability in the country. They offer numerous services to help you manage your finances better. These institutions thus form a vital part of any society.

Functions of Banks

The functions of banks have broadly been classified into two categories. These are the primary functions and the secondary functions. Here is a look at these in detail:

Primary Functions

Primary functions are the main functions of the banks. These include accepting deposits and providing loans. Here is a brief look at these functions:

Accepting Deposits

These deposits are basically of four different types:

Saving Deposits: These deposits encourage public to save money. The money can easily be withdrawn and deposited in the saving account without much restriction. The interest rate here is however quite low.

Current Deposits: This account is especially for the businessmen. These accounts offer facilities such as overdraft that are beneficial for the businesses. No interest is paid in this account.

Fixed Deposits: In a fixed deposit a considerable big amount is deposited in the account for a fixed period of time. The rate of interest is high in such deposits.

Recurring Deposits: A certain amount is deposited at regular intervals in such an account. The rate of interest is high. However, the amount cannot be withdrawn before a certain period.

Providing Loans

Here are the types of loans and advances offered by the banks:

Loans: Loans are offered for both short term and long term period. The rate of interest charged on the same varies based on the type and duration of loan. It can be repaid in instalments.

Cash Credits: The customers have the facility to take cash credit up to a certain amount which is fixed in advanced. A separate cash credit account needs to be maintained for this.

Overdraft: This facility is for businessmen. It is thus provided to the current account holders. They do not require maintaining a separate account to avail this facility.

Secondary Functions

Secondary functions, also known as non-banking functions, are of two types. These are agency functions and general utility functions. Here is a brief look at both these types of functions:

Agency Functions

The bank also acts as an agent for its customers. A number of agency functions are performed by this institution. These include collection of cheques, periodic payments, portfolio management, periodic collections and transfer of funds. Banks also act as executors, administrators, advisors and trustees for their customers. They help their customers deal with other institutions.

General Utility Functions

Banks also perform general utility functions that include providing locker facility, underwriting of shares, dealing in foreign exchange, issuance of drafts and letter of credits, drafting project reports, undertaking social welfare programmes such as public welfare campaigns and adult literacy programmes.

Discounting of bill of exchange is another service provided under this.

While initially the functions of banks only included accepting deposits and providing loans; they have started providing various other services now. All these facilities are aimed at helping the customers with their finances.

Bank Essay 5 (600 words)

Banks are financial institutions that lend money and accept deposits from general public. Banks maintain the flow of money in the country and are important for its economic growth. There are different types of banks that offer different kinds of services to individuals as well as businesses.

Types of Banks

Here are the various types of banks and their functions:

National Banks

Also known by the name, Central or Federal bank, these banks manage the financial system of the government. These non-profit making institutes serve as bankers to the other banks. There is one Central bank in every country. Some of the functions of National banks include supervising foreign exchange, controlling the country’s currency and issuance of paper currency. They do not deal with the general public.

Retail Banks

These are the most common types of banks. These are mainly set up to focus on the requirements of the general public. They open your savings account, provide credit cards, give loans and provide locker facility among other services.

Saving Banks

These are especially established to inculcate the habit of saving money among the people. The deposits from the customers are turned into securities and bonds in these banks. These were set up way back in the 18 th century in European countries. Besides, accepting deposits from individuals these banks offer various other services too.

Commercial Banks

The main aim of these banks is to aid the business class. They provide loans to the businessmen and also provide other services that are useful for the business men. Some of these services include bill of exchange, overdraft and cheque collection.

Investment Banks

These banks are also set up to aid the businesses. These banks help the businessmen establish a foothold in the financial markets. Investment banks facilitate those businessmen who require selling debt to the investors or want to go public with their business.

Land Mortgage Banks

Also known as agricultural banks or Land Development banks, these are mainly set up to aid the agricultural sector by financing it. These banks also play an important part in land development. The reason why this special category of banks has come into being is that there is a lot of risk in financing the agricultural sector and the commercial banks that support other businesses are not ready to take such risk.

Co-operative Banks

Co-operative banks provide loans to small-scale farmers, small-scale businesses and salaried people. They provide both commercial and retail services to people. These banks are registered under Co-operative Societies Act, 1912.

Consumer Banks

These banks have exclusively been set up to provide loan for purchasing durable consumer goods such as car, washing machine, refrigerator, furniture, etc. These banks give their consumers the leverage to repay loans in easy instalments. These are mostly found in first world countries.

Industrial Banks

Also known by the name Development Banks, these banks are established to aid the industrial sector. These banks accept cash by issuing shares and debentures. They provide long-term loan to the industries to help them expand and develop. Many such banks have been established in the country post independence.

Exchange Banks

These banks are particularly engaged in financing foreign trade. Some of the main functions of these banks include discounting foreign bills, purchasing and selling silver and gold and providing assistance in carrying out export and import trade.

Banks are established to ease the financial issues of the general public as well as the country as a whole. Different types of banks serve different purposes and have been set up to cater to the needs of various classes.

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Essay on Bank

Long and Short Essay on Bank in English

Here are essay on Bank in English of varied lengths to help you with the topic whenever you required.

After going through these Bank essay, your knowledge about banks, their functioning and their usefulness will enhance and you will emerge as a knowledgeable person.

These essays will prove useful in your school or college assignments, especially for students of commerce or banking.

You can select any bank essay of your choice given below:

Bank Essay 1 (200 words)

Bank Essay 2 (300 words)

Introduction

History of Banks

History of Banks in India

There are numerous types of banks in every country to cater to the needs of different customers. They provide various services and aid in the growth of the country’s economy.

Bank Essay 3 (400 words)

Importance of Banks

Banks are important for the individuals as well as the development of the country’s economy. Here is why these institutions are of importance:

Provides Safety and Security

Money kept at home is not safe. It is prone to burglary. When you keep your money in the bank, it is the bank’s responsibility to safeguard it. You do not have to worry about its security.

Encourages Saving Habits

Eases Trade and Commerce

Promotes Agricultural Sector

Aids in Development of Industries

Provides Employment Opportunities

Banks provide loans for the growth and development of the agricultural and industrial sectors. As these sectors expand, a number of employment opportunities are created for the public.

Bank Essay 4 (500 words)

Functions of Banks

The functions of banks have broadly been classified into two categories. These are the primary functions and the secondary functions. Here is a look at these in detail:

Primary Functions

Primary functions are the main functions of the banks. These include accepting deposits and providing loans. Here is a brief look at these functions:

Accepting Deposits

These deposits are basically of four different types:

Current Deposits: This account is especially for the businessmen. These accounts offer facilities such as overdraft that are beneficial for the businesses. No interest is paid in this account.

Fixed Deposits: In a fixed deposit a considerable big amount is deposited in the account for a fixed period of time. The rate of interest is high in such deposits.

Recurring Deposits: A certain amount is deposited at regular intervals in such an account. The rate of interest is high. However, the amount cannot be withdrawn before a certain period.

Providing Loans

Here are the types of loans and advances offered by the banks:

Loans: Loans are offered for both short term and long term period. The rate of interest charged on the same varies based on the type and duration of loan. It can be repaid in instalments.

Cash Credits: The customers have the facility to take cash credit up to a certain amount which is fixed in advanced. A separate cash credit account needs to be maintained for this.

Overdraft: This facility is for businessmen. It is thus provided to the current account holders. They do not require maintaining a separate account to avail this facility.

Secondary Functions

Secondary functions, also known as non-banking functions, are of two types. These are agency functions and general utility functions. Here is a brief look at both these types of functions:

Agency Functions

General Utility Functions

Discounting of bill of exchange is another service provided under this.

Bank Essay 5 (600 words)

Types of Banks

Here are the various types of banks and their functions:

National Banks

Retail Banks

Saving Banks

Commercial Banks

Investment Banks

Land Mortgage Banks

Co-operative Banks

Consumer Banks

Industrial Banks

Exchange Banks

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Bank - List of Free Essay Examples And Topic Ideas

A bank is a financial institution that accepts deposits, offers loans, and provides other financial services. Essays could discuss the history of banking, its role in the modern economy, and the impact of digital transformation on banking operations. The topic might also cover banking regulations, challenges faced by the industry, and emerging trends like cryptocurrencies. We have collected a large number of free essay examples about Bank you can find at Papersowl. You can use our samples for inspiration to write your own essay, research paper, or just to explore a new topic for yourself.

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J.P. Morgan: a Pioneer in American Bank Sphere and Philanthropy

Introduction In the annals of American history, few names carry as much weight in the realms of finance and philanthropy as that of J. Pierpont Morgan. Commonly referred to as J.P. Morgan, he was a towering figure whose influence during the late 19th and early 20th centuries had a profound impact on the trajectory of American finance and industry. This essay embarks on a journey through the life and enduring legacy of J. Pierpont Morgan, shedding light on his exceptional […]

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Machine Learning and Artificial Intelligence in Finance

Abstract In this investigative report paper we'll present an overview of finance, what it looks like today, give some examples of the emerging markets in finance and outline the general trends and tendencies. Then, we'll describe what trading is, how it is done and list some of the biggest trading firms; go through an overview of ML and AI and present some examples of how they are mostly used in today's markets. After that, we'll dive into the influences of […]

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Essay on Banking

Banking is a very powerful instrument of social change. Banks are playing a crucial role in bridging the gap between the rich and the poor. In fact, banking is the backbone of the modern economy. It is difficult to visualize how trade, commerce or business can be conducted without an efficient banking system.

They only wanted to fill their own pockets and never missed an opportunity to exploit the poor and the needy. There was nobody to check these malpractices. People condemned the money lenders, but they could not do much. They felt helpless once they were caught in the vicious net of the money-lender.

With a view to bringing commercial banks into the mainstream of economic development with definite social obligations and objectives, the Government acquired the control and ownership of 14 major banks in the country in July 1969.

Six more banks were nationalised in April 1980 Some of the objectives of the public sector banks were: (a) to mobilise savings of people to the largest possible extent and utilise these for productive purposes, (b) legitimate credit needs of the private sector, (c) to acutely foster opportunities for helping neglected and backward areas of the country, (d) curb, use of bank credit for speculative and unproductive purposes.

The philosophy behind nationalisation of banks was that they should function as an instrument for promoting economic and social development in more purposive manner. As against 8262 branches at the end of June 1969, the number of branches at the end of 1992 was more than 60,000.

The thrust of expansion policy has improved the availability of banking facilities in rural areas. They have started extending loans at concessional rates of interest to small farmers, entrepreneurs, artisans, labourers and members of ST and SC. Lead Bank scheme was also introduced in 1969.

Unfortunately, the expectations of the policy makers and the people have not been fulfilled. Since the nationalisation of banks, there has been a slow deterioration in their services.

The banking staff has become ineffi cient, callous and indifferent to the public. Political interference has also adversely affected the working of the banks. Writing off of the loans for political gain, has put the banking services off the rails.

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What Is A Bank And How Does It Work?

Updated: Mar 31, 2022, 2:59pm

Banks and other financial institutions offer products and services to help you manage your money, but do you know how they work?

If you have a checking account , savings account, credit card, or loan, banks are integral to your financial life. Banks and the financial services industry are an important part of the economy because they provide the means for people to borrow money, make investments, save for the future and handle smaller tasks (like making deposits and paying bills).

Here’s a closer look at banks, how they work and why they matter.

What Is a Bank?

A bank is a financial institution regulated at the federal level, state level or both. The primary role of banks is to take deposits and make loans. But banks can offer a wide range of products and services, including:

Deposit accounts (checking accounts, savings accounts, CDs, money market accounts)
Loans, including mortgage loans, auto loans and personal loans
Credit cards
Check-cashing services
Wealth management services
Business banking

Most banks in the United States are insured by the Federal Deposit Insurance Corporation (FDIC). The FDIC covers deposit accounts, up to specified limits, in the event that a bank fails. The current FDIC coverage limit is $250,000 per depositor, per account ownership type, per financial institution.

There are several types of banks (see Types of Banks below). Here we’re mainly referring to retail banks.

What Is a Financial Institution?

A financial institution is an entity that engages in transactions involving the movement of money or financial assets from one place to another. Examples of financial institutions include:

Credit unions
Savings and loan associations
Small business investment companies
Mortgage lenders
Investment broker-dealers
Credit card companies
Insurance companies

The type of financial institution typically defines the type of activities or financial transactions it engages in. For example, mortgage lenders make home loans while credit card companies extend revolving lines of credit to consumers.

Financial institutions can be subject to regulation by the federal government. Investment broker-dealers, for instance, are regulated by the Securities and Exchange Commission (SEC).

How Banks and the Banking Industry Work

Banks, whether brick-and-mortar institutions or online, manage the flow of money between people and businesses. More specifically, banks offer deposit accounts that are secure places for people to keep their money. Banks use the money in deposit accounts to make loans to other people or businesses.

In return, the bank receives interest payments on those loans from borrowers. Part of that interest is then returned to the original deposit account holder in the form of interest—generally on a savings account, money market account or CD account. Banks primarily make money from the interest on loans and the fees they charge their customers.

These fees can be tied to specific products, such as bank accounts or related to financial services. For example, an investment bank that offers portfolio management to investors can charge a fee for that service. Or, a bank may collect an origination fee when granting a mortgage loan to a homebuyer.

Banking is a highly regulated industry. The Federal Reserve System oversees banks and other financial institutions and coordinates with state regulatory agencies to help ensure banks follow the proper guidelines. Banks are also subject to regulation by other federal agencies, including the Office of the Comptroller of the Currency (OCC), the Office of Thrift Supervision (OTS) and the Federal Deposit Insurance Corporation (FDIC) .

Types of Banks

“Bank” is a broad term that encompasses a number of different financial institutions. Understanding the various types of banks matters as they aren’t all alike in the services or products they provide and the functions they serve. Some are consumer-facing, meaning they directly serve the general public. Others play a more strategic role in the flow of money through the economy. Take a peek under the banking umbrella. You’ll find the following:

Central banks
Retail banks
Commercial banks
Investment banks
Shadow banks

Here’s more on how each type of bank works and what they’re designed to do.

Central Banks

Central banks manage the supply of money for a country or group of countries. These banks are responsible for setting monetary policy, overseeing the movement of currency and establishing interest rate baselines. In short, they’re the backbone of a nation’s banking system.

In the U.S., the Federal Reserve is the central bank. The Federal Reserve System is composed of 12 regional federal banks. The Federal Reserve’s earnings come from interest on securities the bank owns and net earnings are paid to the U.S. Treasury. Banks within the Federal Reserve System perform four specific duties, including:

Supervising and examining state member banks
Lending to depository institutions
Providing key financial services to help manage the nation’s payment system
Examining financial institutions

Those functions are central to how banking works in the U.S. and they make it possible for you to do everything from swiping your debit card when shopping online to getting a mortgage.

Retail Banks

Retail banks are probably what most people think of when they think of banking. These banks offer loans, deposit accounts and other banking services to everyday customers, including small business owners. Retail banks can be brick-and-mortar institutions with branches or online banks that allow you to manage your money exclusively through an app.

Banking services offered by nonbank entities may also fall into this category. For example, a growing crop of fintech startups, also called neobanks , offer deposit accounts just like you’d find at a bank. These companies partner with existing banks to offer FDIC-insured banking products and services, though they’re not banks themselves.

Commercial Banks

Commercial banks typically cater to businesses or corporations, although they can also serve individual banking customers’ needs. Similar to retail banks, commercial banks also can make loans and offer deposit accounts and other banking services such as international banking or payment processing

Commercial banks generally provide a wide range of services. A commercial bank, for example, may grant real estate loans or business equipment loans, charging borrowers interest and fees for the privilege of borrowing money. The same financial institution can offer commercial banking services alongside retail banking services.

Investment Banks

Investment banks can participate in securities trading, manage investor accounts or do a little of both. An investment bank can act as a go-between for investors who want to put money into the markets by helping with the purchase or sale of securities. They also can offer investment advice to clients.

Aside from assisting retail investors, investment banks perform other functions. For example, they can assist with the underwriting process when a company is planning its Initial Public Offering (IPO). An investment bank may also help facilitate mergers and acquisitions on behalf of corporate entities.

Shadow Banks

Shadow banks aren’t like traditional banks regarding what they do or how they’re regulated. These nonbank financial institutions are generally unregulated and primarily focus on making investments in credit and debt instruments. Insurance companies and hedge funds are examples of shadow banking institutions.

Shadow banking and shadow banks played a role in the 2008 financial crisis .

Savings and Loan Associations

Savings and loan associations aren’t strictly banks either. These financial institutions specialize in helping people borrow money to buy or refinance a home they already own. A saving and loan association may also be called a “thrift” because once upon a time, they only offered savings deposit accounts once upon a time.

Rather than being covered by the FDIC, savings and loan associations are typically insured by the Savings Association Insurance Fund (SAIF).

Credit Unions

Credit unions , sometimes called cooperative financial institutions, offer many of the same services as traditional retail banks. The difference is that while retail banks typically operate for profit, credit unions don’t.

Credit unions are formed by “members” who pool their funds together and control the institution. Membership in a credit union is required to open an account. These requirements may be based on geography, employment, religious affiliation or military affiliation. Rather than being FDIC insured, credit unions generally are insured by the National Credit Union Administration (NCUA).

Credit Union vs. Bank

Banks and credit unions both serve the same general purpose: Helping consumers and small businesses to manage their money. They also tend to offer similar banking products, such as:

Checking accounts
Savings accounts
Certificates of deposit (CDs)
Money market accounts (MMAs)
Personal loans and lines of credit
Business bank accounts
Business loans

Where they differ lies largely with how they operate. As mentioned above, banks tend to operate on a for-profit basis while credit unions do not. Credit unions may charge fewer fees to their customers or offer lower interest rates on loans.

Banks and credit unions offer the same level of protection in the event of failure, but different entities insure them. Banks are generally FDIC-insured, while the NCUA insures credit unions. There’s usually no membership requirement with banks to open an account the way there are with credit unions.

Credit Unions	Banks

Types of Bank Accounts

Consumers usually view banks as places to keep money or as places to go to borrow money. The types of accounts you can have with a bank may include:

Money market accounts
Credit card accounts
Mortgage loans
Student loans

Checking Accounts

A checking account is a deposit account that allows you to deposit money, pay bills and make purchases by writing checks or using your debit card. Checking accounts are designed to hold the money you plan to use in the near term. Depending on the bank, you may pay a monthly maintenance fee to own a checking account. Banks can charge other fees as well, including overdraft fees .

Processing transactions is another important job for banks, which goes on behind the scenes with checking accounts. When you swipe your debit card or use your ATM card to make a withdrawal, that transaction has to be approved by your bank before it can be processed. Banks also make it possible to make electronic Automated Clearing House transfers or wire transfers between individuals, businesses and financial institutions.

Savings Accounts

Savings accounts are deposit accounts designed to hold the money you don’t necessarily plan to spend right away. These accounts often pay interest to savers, though some banks may offer higher interest rates than others.

Depending on the bank, you may be able to access money in your savings account at a branch, ATM or online. While the government has suspended the federal regulations limiting you to six withdrawals per month from a savings account, your bank may cap the number of withdrawals you can make. Or, the bank may charge a fee for each withdrawal over six.

Money Market Accounts

Money market accounts typically pay interest like a savings account and provide withdrawal options similar to a checking account. For example, you may be able to write checks, make ATM withdrawals or make purchases using a debit card. Again, though banks can limit the number of withdrawals you can make from savings accounts and money market accounts each month.

A money market account may be a good option for saving money you’ve earmarked to spend later. For example, if you’re saving money toward a down payment on a home, you may choose to keep those funds in a money market account that includes check-writing abilities. When you’re ready to make your down payment, you can simply write a check from that account (or schedule a wire transfer).

Certificates of Deposit

CD accounts are time deposits that pay interest over a set period. Common CD terms typically range from 28 days to 60 months. But it’s possible to find CDs with terms as long as 10 or 20 years. Generally, the longer the term, the higher the interest rate you can earn. Banks can charge a penalty for withdrawing money from a CD before reaching its maturity date.

CDs are better suited for saving money you know you won’t need before the account matures. For example, you might use a CD to save money for a car you plan to buy in the next two years or a wedding that’s 18-months away. They’re less liquid than savings accounts or money market accounts.

How To Choose a Bank

When choosing a bank, it’s important to do your research. Start by looking at the types of products and services offered. Ideally, you want to find a bank that offers the accounts or services you need, whether a checking account, savings account or loan.

Next, consider the interest you can earn on deposits when opening a new savings, CD or money market account. You can also look at whether a bank offers interest on checking balances, though this is less common.

While banks can pay interest to savers, they also can charge them fees. The most common fees you might pay to a bank include:

Monthly maintenance fees
Excess withdrawal fees
Early withdrawal penalties for CD accounts
Overdraft or non-sufficient funds fees
Out-of-network ATM withdrawal fees
Debit card replacement fees
Cashier’s check, certified check and money order fees

You may avoid many of these fees by choosing an online bank over a traditional bank. Online banks tend to have lower overhead costs than brick-and-mortar banks, which means they can pass on those savings to customers in the form of lower fees. For the same reason, you may also find better interest rates on deposit accounts at online banks.

Finally, look at the convenience and service a bank offers. If you’re choosing a brick-and-mortar bank, how many branches does it have? Are they easily accessible to where you live and work? And does the bank offer a user-friendly online and mobile banking experience?

With an online bank, consider whether it has a robust mobile app. Can you access your accounts at an ATM and if so, will you pay a fee? Asking these kinds of questions can help you narrow down the list of banks.

Find The Best Online Banks Of 2024

Bottom line.

When comparing banks, check the range of products and services offered, as well as the fees and interest rates they pay or charge for borrowing money. Also, keep convenience in mind regarding the different ways you can access your money.

Frequently Asked Questions (FAQs)

How do central banks govern the banking industry.

Central banks implement a nation’s monetary industry and control the money supply. For example, when the economy is on the verge of overheating, the central bank may raise interest rates to cool off borrowing and spending. If the economy is sluggish, on the other hand, the central bank may lower rates to boost spending and encourage borrowing.

How do investment banks make money?

Investment banks can make money by charging fees for their services and earning commissions when they sell certain products. For example, an investment company may earn a commission for selling a certain type of mutual fund to investors.

Where is the best place to bank?

The best bank to bank with is the one that offers the products and services that best fit your needs. For example, if you need a checking account with no monthly fees or a savings account that offers a highly competitive APY, you may choose an online bank over a traditional bank. But if you need or prefer branch banking access, you may choose a brick-and-mortar bank instead.

Which type of bank account is best for everyday transactions?

A checking account is designed for everyday financial transactions, including depositing paychecks, paying bills, transferring money and making purchases via a linked debit card. Checking accounts can give you flexibility in managing and accessing your money, though it’s important to find one that offers the best combination of features and low fees.

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Rebecca Lake is a certified educator in personal finance (CEPF) and a banking expert. She's been writing about personal finance since 2014, and her work has appeared in numerous publications online. Beyond banking, her expertise covers credit and debt, student loans, investing, home buying, insurance and small business.

350 Banking Essay Topic Ideas & Examples

🏆 best banking topic ideas & essay examples, 👍 good essay topics on banking, 🥇 interesting topics to write about banking, 📝 simple & easy banking essay titles, 💡 most interesting banking topics to write about, 📑 good research topics about banking, ❓ money and banking essay questions.

Log Book for Internship With Merrill Lynch Bank As regarding to new skills, I learnt new methods of analyzing companies in the stock market and how to present information gathered to the supervisors/advisors.
The Banking Concept of Education by Paulo Freire This is one of the details that should be taken into account by the readers. This is one of the pitfalls that should be avoided.
JPMorgan Chase Bank: Ratio Analysis The ratios are debt-to-equity, the interest coverage ratio, the equity ratio, and the debt-to-asset ratio. For the years 2017, 2018, 2019, and 2020, JPM had a fixed turnover ratio of 7.
The 2008 Banking Crisis in the Documentary “Inside Job” Using the documentary “Inside Job”, the paper presented below asserts that the malpractices of different banking experts, the ethical dilemma revolving around ratings agencies’ actions, and the Gramm-Leach-Bliley and the Glass-Steagall Acts influenced the nature […]
Money and Banking: General Information The essay gives the definition of money and gives a brief description of the functions of money. As a store of value, money can be saved reliably and then retrieved in the future.
Role of Central Bank If central bank offers credit to the banks at a higher rate, then the rate of interest that commercial banks will offer loans to the public will be high; this reduces the attractiveness of the […]
Internet Banking Effects and Results Internet banking has certainly played a key role in the increase and ease of banking services the world over and the reasons for this are not difficult to discern.
Ethical Dilemma With the Bank Teller On the other hand, the bank calls for honesty in service and client protection, and given that the teller took the money without permission from an inactive account belonging to a customer it is professionally […]
Traditional Versus Modern Banking Essay Traditional banking is characterized by the application of strict regulations, while modern banking is differentiated by the introduction of new laws that resulted in the deregulation of key aspects of the banking industry.
The Concept of Usul Fiqh and Qawaid Fiqhiyyah: Shariah and Islamic Banking For such convictions, this essay explores the concept of Usul Fiqh and Qawaid Fiqhiyyah in respect to issues regarding the influence of Shariah on Islamic banking practices Under the Islamic community, Fiqh is a terminology […]
Wellfleet Bank Case Study Under Group Risk Committee, the company further delegates duties to: reputational, country, operational, group credit, market risk, business risk, and business risk committees.
Factors Which Impact Barclays Bank Political factors refer to the government policies that affect businesses and the extent to which the government intervenes in the economy.
Wells Fargo Banking Scandal: Ethical Analysis The structure and the business model of Wells Fargo allowed the emergence of the working environment that incited the employees to unethical behaviors.
Personal and Organizational Development in Banking My career plan is as in the figure below: – My career goal is to find a job in a bank and gradually grow through the ranks as I gain financial management related skills and […]
Mobile Banking Innovation In the mobile industry, mobile banking is one of the recent innovations that have influenced the operations of the telephone/mobile phone industry positively.
Islamic Banking The involvement of institutions and government led to the application of theory to practice and resulted in the establishment of the Islamic banks”.
Lloyds Banking Group’s Situational Analysis These products the company has diversified in various products and markets in an attempt to grow and increase its share in the market.
Corporate Governance Statements: BHP Billiton and National Australia Bank This is to say that corporate governance requirements differ from company to company and from a broader perspective, the success or failure of a given company differs with the corporate governance statement of the company.
Money: Evolution, Functions, and Characteristics It acts as medium of exchange where it is accepted by both buyers and sellers; the buyer gives money to the seller in exchange of commodities.
Barclays Bank Description Introduction Barclays bank is a UK-based Multinational Corporation headquartered in London and operates in the financial niche. The universal bank was established in 1860 in London as a goldsmith’s lending business offering people loans and saving options. The bank’s resilience in the corporate domain made it navigate all the challenges, and it still operates to […]
Bank’s Provided Opportunities to Attract Consumers The offers are the following, to choose the credit card which backs cash when the consumer makes an online purchase, the other option is take the credit card which backs cash when the consumer makes […]
Bank of America’s Business Model Elements The organizational structure leverages Bank of America in the following ways. Bank of America has categorized its throughputs into five categories, which are the core products, processes, and services offered.
Impact of Cyber Crime on Internet Banking The paper evaluates a con article on ‘The impact of cybercrime on e-banking’ [1]. H2: Identity theft will have a negative impact on the adoption of electronic banking.
Ijtihad in Islamic Banking Even though Shariah principles forms the main legal foundation in which most of Islamic banking products and services are based, Ijtihad enables the flexibility of the Shariah principles to suit the changing needs of the […]
Market Elasticity’s in Banking Industry Price elasticity of markets “refers to the degree of change in quantity demanded or supplied of a commodity due to a change in price of the commodity” The formula is: P.E.
IMF and World Bank: A Boon or a Bane for Developing Nations? The amount of interest and other overheads charged on the loans given to the nations in need is simply off the scale.
Customer Satisfaction Management in Banking Sector This fact and a pivotal role of customer satisfaction in the service segment highlighted the essentiality of conducting additional research to discover the most suitable research methods.
Is Bonus Banking the Answer? Bonus banking is an incentive plan where some part of the bonus is put aside or banked in a reserve fund rather than paying out the entire bonus amount to the employee. The last variable […]
Digital Trends & Sustainability in Banking It would be accurate to refer to banking as the financial hub of the economy because it is a major industry in the service sector.
The Lebanese-Canadian Bank’s Money Laundering The bank was later banned from using the dollar by the American treasury; this resulted in the collapse and eventual sale of the bank.L.C.B.had to pay a settlement fine of one hundred and two million […]
Analysis of Al Hilal Bank Launch At the time when Al Hilal was launched, the situation in the world financial system was not favorable. It can be concluded that the banking market at the UAE was not favorable at the time […]
Time Value of Money: Choosing Bank for Deposit The value of the money is determined by the rate of return that the bank will offer. The future value of the two banks is $20,000 and $22,000 for bank A and bank B respectively.
The Banking Concept of Education In the paper, I agree that knowledge gained through experience and active interaction is the most ideal form of knowledge as opposed to the “banking system” in which students are mere receivers and the teacher […]
Current Problems of the Banking Industry At the rudimental level, dynamism and uncertainty of the technological, economic and political environments have made company’s see the light of flexibility and responsiveness.
The Banking Industry and Interest Rates The government and the central rates have been the major bodies used to determine the interest rates. The main purpose of this study is to determine how the interest rates affect the Competition in the […]
Islamic Banking Sector Issues The key aspects of the Islamic banks in the region are the profit and loss sharing, transparent dealing, lack of interest, lack of speculation and no gambling.
Online Banking and Online Purchases The ethical implications of online banking and online shopping include the privacy of consumer information, the reliability of the transactions, and security.
RBS Citizen Bank Culture and Change Secondly, RBS citizen should consider involving its employees in the design of new changes within the organization. In accordance to this, the RBS citizen administration team explains to their employees the motive of the changes.
The Wall Street Crash Impact on the World’s Banking System The Wall Street Crash of 1929 was one of the most impactful events in the financial history of the United States that also influenced the flow of the global banking operations.
Safaricom’s Mobile Banking When Safaricom launched M-PESA, it commissioned agents in different parts of the country; the agent’s work was primarily to receive deposits from customers and electronically transfer this to the client’s M-PESA account.
The Employee Benefits Provided by the Bank of America In the process of applying for a job or assessing a certain company, it is crucial to learn about their advantages and unique features. In conclusion, Bank of America features various benefits that provide employees […]
Legal Issues in the Banking Industry The second problem is the complexity of banking operations for foreigners and the low-educated segments of the population. Thus, in banking, employees often face the problems of sexual harassment, complex mechanisms for clients, and digitalization.
Cryptocurrency and Its Impact on the Banking Industry Advanced coding is used to store and transfer cryptocurrency data between the wallet and a public ledger, and encryption is used to confirm transactions.
Overfitting and Bias-Variance Trade-Off in Banking While the training set represents most of the data, the testing set is used to test accuracy by measuring performance separately in the two separate parts of the data set.
The National Bank of Kuwait’s Improvement However, the constant improvement of technology and the introduction of innovations forced the bank to reconsider its policy and introduce a new system.
Ransomware in the US Banking Industry The mismatch can lead to a lack of trust and reputational damages. Data pertaining to the business plans and visions can also be accessed, making it vulnerable.
Tesla Inc.’s Banking Structure and Investments According to Saberi, it represents almost 4% of the world GDP, and, in the context of developed economies, 1% of automotive industry growth triggers respective 1,5% growth in the country’s GDP. Due to the specificity […]
Leadership at Qatar National Bank This paper examines in detail the phenomenon of leadership and its classic types in the light of improving the overall effectiveness of the work team.
Interpersonal Leadership Skills in Bank of America However, it is clear that the issue is not the demographics but the inefficient leadership in the company and the lack of interpersonal skills that would make people want to work at Bank of America.
Big Data Analytics in Central Banking In addition, the rate is integral to the overall cost of living, which parameter is in a cause-and-effect relationship with inflation.
Workplace Inclusivity at International Bank of Commerce Even if employees of color do not ascribe significance to the unequal distribution of power in the bank, the lack of diversity is evident.
Abu Dhabi Commercial Bank PJSC The discussion takes a general overview of the company, its mission and vision statements, strategic goals, and key objectives. The key objectives Abu Dhabi Commercial Bank wants to realize include: Growing transaction volumes and assets […]
Banking System: The Brief Analysis This is a fictional story that comes perilously near to the reality about the basic foundations of modern society. The primary objective of this story is to demonstrate reality’s simple math and the existing banking […]
Bank Pekao S. A.: Performance and Strategy Compared to its peers in Poland, Bank Pekao is uniquely placed as it launched a brokerage house and made practical biometrics technology in the banking industry, contributing heavily to the bank’s assets quality and investment […]
Financial Analysis of Al Ahli Bank of Kuwait Al Ahli Bank of Kuwait’s main competitors include Commercial Bank of Kuwait SAK, Gulf Bank KSCP, Burgan Bank SAK, and the National Bank of Kuwait.
Banking Sector of the United Kingdom At the same time, the banking sector of the United Kingdom had to balance between its financial losses and the ability to provide loans and debt-moratoria in order to support the country’s financial stability. In […]
Case Study of Hong Kong Shanghai Banking Capital From HSBC’s perspective, money laundering represents one of the most significant internal risks due to the worldwide presence, especially in certain economic areas with facilitated financial regulation and considerable economic influence, such as Hong Kong […]
Risk Factors Affecting Bank Nordik’s Operations and Risk Management Control measures adopted by the firm to manage these risk categories are explored in this investigation and the findings used as a justification for the development of a robust risk management plan.
The Albilad Capital Bank’s Mission and Vision Since the bank is striving to renew its mission and vision from the start, it is crucial to identify the values and vectors of direction.
National Australia Bank’s Sustainability Challenges One of the reasons for the success of NAB is the overall strategy of the company, which focuses its capital management on adequacy, efficiency, and flexibility, maintaining the economic balance to support and strengthen the […]
Aspects of Electronic Banking The significance of our study is in the critical issues of e-banking and the areas of improvement that the banks can eliminate or improve to boost customer satisfaction.
Alonzo vs. Chase Manhattan Bank, NA Case Study However, the author provides an insight into the matter by claiming that the policy concerning workplace discrimination took a dramatic turn in the early 1960s upon adoption of the Title VII of the Civil Rights […]
Political Theories and the World Bank Known as ‘power politics’ or means to exercise power World Bank massive financial institution which poorer nations depend on for subsidies Manner of soft power of the richer states contributing to the World Bank […]
Misconduct in Banking, Superannuation and Financial Services The company was included in the Royal Commission report due to ASL and NM releasing the trustee duties of their funds because of the AMP Group membership.
Sexual Harassment in Meritor Savings Bank vs. Vinson Case Mechelle Vinson, a defendant and a former employee of the plaintiff bank, filed a lawsuit against the bank and its bank manager Sidney Taylor. Sidney Taylor was the vice president of the bank and the […]
Considerations in Investment Banking However, to ensure a fruitful outcome, the CFO should choose a qualified and experienced investment banker to represent the facility. Secondly, the selected investment banking firm is expected to act as both a matchmaker and […]
The Impact of Bank on the Cost of Financial Intermediation Also, since the two variables are not controlled; bank concentration and national institutions, the research argues, however, that the measures of concentration capture the efficient structure theory and market power theories.
Hongkong and Shanghai Banking Corporation: Approach to Operating in China According to Luthan and Doh, centralization played a significant role in HSBC’s success in the new market. It was also the first company to establish a locally incorporated entity in Taiwan and Vietnam.
Grameen Bank’s Socially Responsible Innovation The bank targets the poor and marginalized with both financial assistance and information to help them grow. The Grameen Bank has continued to register impeccable performance on the social, economic, and environmental dimensions.
A Problem in Implementation of CSR in the U.S. Banking Industry Corporate social responsibility is essential in this age of intense globalization and competition – essential for firms to survive in the competition and also important for firms.
The Bank of America Corporation: Planning & Organizational Analysis The Bank may use environmental adaptation planning activities to enhance external relations with stakeholders such as customers, governments, suppliers and the public.
Digitalization of E-Commerce in Bank of Ireland The interview with the Senior Director in the Property Finance division of Corporate Banking, Michael Murray, revealed the importance of the advance of digitalization for the Bank of Ireland. These and other technologies will enable […]
The 1920 Farrow’s Bank Failure and Its Causes In this context, the company would be resilient to any stresses, and the outcome of the situation may be the opposite.
The Mountain Bank’s Strategy Analysis The most suitable competitive business strategy, in the case of the Mountain Bank is to build the presence in the market of consumer lending and corporate banking.
Banking: Financial Transaction Risks In that case, even the losses-free termination of the transaction would be a failure since the goal of acquisition would remain unachieved.
Bahrain Development Bank: Analysis To identify and develop ways of assessing learning at the working station to facilitate the employees’ skills and competencies. To identify ways of integrating training capability and focus on the organizational processes through skills acquisition […]
ICBC Bank – China: Overview The shifted focus of ICBC’s policy became the major contributor to the growth of the company on the international market and the subsequent cultural changes.
Customers’ Perceptions of M-Banking To find answers pertaining to the major objectives of the study, the gathered data was analysed using SPSS v.23. An exploratory factor analysis was run to group the existing variables into factors, and also to […]
“Attitudes Towards Mobile Banking” Article by Sohail & Al-Jabri In the introduction of the article, much background information, an overall evaluation of the situation in the banking industry, and the purposes of the study are discussed.
The Bank of Toroda: A Stakeholder Approach “Stakeholders are persons, organizations and groups that have to be considered by managers, directors as well as front office workers.”
Corporate Bias in the World Bank Group’s International Centre The institution judges the Pan Rim case neglecting the El Salvador government’s views, local communities, and the Catholic Church. It does not prioritize the protection of the environment and human rights.
Alinma Bank Industry Analysis. Case Study The demand for the services is another essential factor that shows the industry is profitable. The presence of many investors in the country shows that the demand for financial services is high.
Impact of Online Banking on Dubai International Bank DIB has developed t-banking (telephone banking), e-banking (electronic banking) and m-banking (mobile banking) from this trend.
Phishing Victimization on Internet Banking Awareness Therefore, the study is meant to determine and evaluate consumer susceptibility to e-banking victimization through phishing attacks. Subsequently, the study will be designed to evaluate the effectiveness of phishing victimization training to E-banking consumers.
ICT: E-Banking and Firm Performance ICT is concerned with storage, retrieval, manipulation and transmission of digital data. ICT involves software, hardware and systems.
P&G & Royal Bank of Canada’s Securities Valuation The discussion in the paper focuses on the Two-Fund Separation theorem. The discussion also reveals that the asset allocation problem focuses on the allocation of resources between two risky assets.
Governance Failures in Australian Banking Sector Firstly, executive compensation in the Australian banks was not tied to performance outcomes, and, secondly, the major problem in the CEOs’ conduct was related to the field of ethics.
Hongkong and Shanghai Banking Corp and Wells Fargo Speaking of the Income Statement, Wells Fargo wisely divides it into interest income and expense and non-interest income and expense, and this aspect eases the overall calculations of financial ratios.
Noor Bank’s Balance Sheet and Income Statement The bank’s operating income from Islamic banking and sukuk amounted to more than 895 million AED compared to 678 million AED in the previous year.
Banking Institution and Transaction Regulations In the case of Brittany, it is the duty of the bank to authenticate all transactions on her account. In the process of negotiation, most parties often focus on the substance of the deal and […]
Bank of America’s Strengths and Weaknesses Interestingly, even non-banking institutions such as Quicken Loans and Leader Bank have started to claim a share of the market held by Bank of America. The root cause of the Bank’s mortgage troubles emanated from […]
Bank of America’s External Analysis in 2013 Among the major lenders in Massachusetts, for instance, Bank of America was the only bank that recorded a notable decline in the volumes of purchase and refinancing loans relative to other years. Apparently, competition has […]
Sales Portfolio: A Bank Mortgage and Marketers Although a mortgage has several advantages to both the commercial institution and the customer, it has its share of disadvantages. Many clients are reluctant to take up a mortgage because of the high interest rates.
Banking With WikiLeaks If Wiki Leaks has the right to be served by a financial institution, the company must ensure that it does not harm the operations of the institution.
The Essence of the Islamic Banking System Riba of the Quran is called Riba An-Nasiyah and riba of the of Sunnah is called Riba Al Fadl. In the context of Islamic banking system, gharar is excessive uncertainty.
The Pros and Cons of Investment Banking The investment banks are also referred to as proprietors since they are involved in trading of marketable instruments using their own money as opposed to that of investors.
Factors Effecting Bank – Borrower Relationship in UAE The Middle East region’s banking industry is one of the fastest growing in the world. It is projected that the industry will get even better in the future due to the nature of the business […]
Bank of China Limited: Overview That said the objective of my effort is to present a report on the Bank of China’s IPO of 2006. This listing was exceptional since it was the only bank of China that had managed […]
Banking Industry: Successes and Failures These banks are regulated by the federal government and are required to be members of the Federal Reserve. However, these banks are not compelled to be members of the Federal Reserve.
Commercial Bank of Australia Ltd vs. Amadio The decision by the court held that the bank manager and the commercial bank were aware of the special disadvantage of the Amadios and made no substantive efforts to ensure that Amadio clearly understood the […]
Mortgages Offered by the RBC Royal Bank From your profile and to the best of my knowledge, I take pride to inform you that we have five financial investment products that best suit you.
Banking and Financial Markets: Asset-Backed-Securities Thus, there are four notable main stages in the process of creating the asset-backed securities and these include: Segregation of assets from originator or seller Creation of a specialized functional vehicle to seize the asset […]
Analyzing and Managing Systematic Risks in Banking Risk assessment is done to ascertain the nature of task before deciding the strategy of responding to it. Analysis and management of risks requires one to identify the nature of the risk involved.
Islamic Banking in Dubai and the UAE In an Islamic environment, the approach to financial operations such as the law of contracts, nature of property, interest rates and business transactions is quite different from the rest of the world.
Deutsch Bank Analysis and Performance Forecast The big bonus for banks came in the form of the Securitization Bill, which gave banks and institutions opportunity to recover from bad debts.
International Banking: New Basel The combination of the four changes in 2004 intended to speed up off-balance sheet mortgage securitization as the main avenue to drive the revenue together with the share price of banks.
Barclays Bank: Management Accounting Report This team assists the management in the gathering of information that is unilaterally used in management accounting to address specific challenges in the bank.
BNP Paribas International Banking Networks In the United States, the bank has a strong presence in the western part of the country, whereas, in Asia, it has fixed a secure and fast-growing business.
Riyadh Bank: The Historical Financial Analysis By the end of the third quarter of the year 2011, the organization has recorded a 15% increase in its net profit.
Budgeting of HSBC Bank UAE Branch Looking at their financial statements one will note that they are quite detailed with lots of financial items, which are specific to the bank, and understanding them requires referral to the notes accompanying the financial […]
Westpac Banking Corporation Analysis and Forecast The entry of foreign banks as well as the building societies which were speedily developing into banks and the emergence of other financial institutions increased competition in the Australian financial market.
The Analysis of Banorte Bank in Mexico The scrutiny of the bank’s fundamentals and variables of the bank form part of the report. Financial analysis and forecast of the bank’s financial performance is the major objective of the report.
Case on Private Equity in Saudi American Bank The problem was that the firm’s investment manager was investing for the first time and therefore, he had many questions to ask before he finally made the decision to invest in the company.
Commercial Banks and the Northern Rock Crisis Bank Roles Prior to the actual analysis of the case of the Northern Rock bank is a brief background that elaborates the scenario of the Northern Rock Bank Crisis.
Bank (HSBC) and Life Insurance Company (Protective) The report also investigates the profitability of the two companies, the metrics used to measure profitability, variation in the last five years and the reasons for these variations.
Investment Banking and Operations Management In a steady market, the bank uses the information conveyed in prices of assets to significantly allocate capital resource to the most profitable and ultimate use.
Investment Banking and Global Operations Management Essentially, banks engage in securitization process to increase their uncertain profit opportunities and also to adjust their asset portfolio Entering into the security markets through the perspective of the original financial institution is of great […]
Online Banking and Cryptographic Issues A disadvantage of online banking is that it inherently reduces the interaction between banks and their customers and in addition, security is not guaranteed in this type of banking, that is, hackers have a chance […]
The Failure of Superior Bank The crisis in Superior Bank was associated with the fact that the directors failed to observe and address risky financial management strategies that were followed in the organization, and the regulators did not pay much […]
Criminal Law & Bankruptcy: Bullard vs. Blue Hills Bank The action by the court caused Bullard to appeal against the decision to the BAP to which the BAP concluded that the denial was not the final.
First Citizens Bank’s Financial Income in North Carolina The income analysis pertains to a comparison of the profit, revenue, income and profit of the institution in the recent year for analysis on the position of the company.
Financial Risk Management in Islamic Banking Ahmed defined Islamic financial as a system of finance based on principles of Islamic banking, and that operates under the ethics of Islamic teaching.
Finance & Banking: Blades Corporation This is because of the volatility of international currencies and the risk that the changes in the value of the currencies will result in a loss from trade receivables and/ or payables depending on the […]
The Role and Functions of Law in the Banking Industry The first part provides answers to questions regarding the Cipollone versus Liggett Group case, the second part discusses the role and functions of law in the banking industry, and the third part looks at future […]
The Crime of Robbing the Big City Bank Combined with eyewitness testimony and video evidence, it can be stated beyond all doubt that Clark was guilty of the crime.
Citi Bank: Business and Corporate Law The enforces a number of Acts that include the Investment Advisers Act of 1940, the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Sarbanes Oxley […]
The Banking Industry: Brief Analysis They include the open market operations that are meant to regulate the amount of money in the reserve. This is important because it influences the transactions in the other parts of the economy, such as […]
First Gulf Bank Financial Activity The retail bank consists of accounts, deposits, credit cards, safe deposit lockers, loans and mortgages; the First Gulf Bank is the largest bank in United Arab Emirates with shareholder equity of over AED 20 billion […]
Forecasting of National Bank of Greece (Nbg Bank) Current liabilities are short term obligations that occur in the course of running the firm and have direct associations with sales.
Banking Analysis: Review The chart shows a continuous increase, with a few years of drop; but the scale of the chart for the most part is upward. The trend of consolidation comes across in the presentation of the […]
Islamic Finance and Banking. Basic Islamic Principles The Islamic banks approach to lending is very unconventional in that the bank does not give out the loan to a borrower per se, but instead acquires the asset on behalf of the borrower who […]
World Bank Mining Industry Forecast Therefore, this document will use the data provided by the bank to give a projection of mining, in a global capacity.
Corporate Cyber Risk Assessment: Bank of America Arguably, one of the most epic accomplishments of the 21st century was the invention of the computer and the subsequent creation of the internet.
Ethics in the Banking Industry in the UK It may be argued that organizations may require ethics as the part of their practices in the industry, but it may not be the essential or core part in any institution, specifically in the organizations […]
The Economy: The US Banking System Capital formation refers to the distraction of the economy’s productive capacity for the creation of capital goods which eventually increase the productive capacity in the future.
Banking Contract and Fiduciary Obligations The paper explores the relationship between a bank and a customer from the perspective of fiduciary obligations of a banking contract.
Bank Loans and Deposits Role in Saudi Arabia Monetary System The major feature of Islamic banking is confined to the bank’s concept of Profit and Loss Sharing, in this arrangement the banks depositors are strictly speaking not creditors to the bank per se, but rather […]
Case Analysis on Banking Industry of Germany The globalisation and competition of the banking industry have increased because of the growing importance of banking in the marketplace. The decisions of Basel II and the EU for public sector banking and capital markets […]
Bank Fraud: Easyloan Bank Ltd and ABC Pty Ltd This is similar to the situation in the US where the office of the Attorney and a section of the Criminal Fraud Department of Justice handles mortgage prosecution cases.
Unremunerated Reserve Requirement Policy: Central Bank of Thailand Under the impact of the World War II, the government of Thailand upgraded the status of the Bureau to that of a central bank by passing the Bank of Thailand Act in the year 1942.
Solvency Risk and Liquidity Risk of a Bank Differences The aim of this report is to identify the meaning of the solvency risk, liquidity risk, credit risk, dynamic provisioning, and the effective control of the solvency risk besides the problems which the bank encounters […]
The Banking Crisis of 2007-2010 The role of Credit Rating Agencies in the subprime mortgage-related securities market turmoil was scrutinized by the Securities and Exchange Commission.
Banco Popular Español and the Saudi Investment Bank In this paper, the analysis of two banks and their risk management will be given: Banco Popular Espa ol S.A.with its abilities to take care of liquidity, credit, and other risks and the Saudi Investment […]
Comparative Study of Conventional and Islamic Bank Performance in the GCC Segregated by bank group and criterion variable, the correlation-based shortlist of independent variables are as shown in tables 1 to 3 below and overleaf.
Economic Development as the Key Driver of Global Private Banking and Wealth Management Industry The reverse reality of salient features of wealthy people in different parts of the world is the observation that the vast majority of the populace live in poor and deplorable conditions.
Bank of America: The Staffing Process The effectiveness of staffs recruited in the bank depends on the ability of the bank to recruit the most suitable employees.
The Royal Bank of Canada: Investment Analysis and Management As a result, the regional bank grew to a national bank and this success is not only attributed to the strategies of the institution itself but also the role played by the people of Canada […]
Comparison Between Saudi Hollandi Bank Suk vs. Bank Bonds Besides, another factor is that through investments in such bonds, the investor gains certain amount of ownership in the assets of the company in the extent of his investments, which unfortunately is not possible in […]
UBS Investment Company in the Swiss Banking Sector The relation of the Swiss banking industry with Swiss economy and the future aspect of investment in the industry are discussed.
Saudi Banking Industry and Riyad Bank’s Performance In this context this paper analyzes the performance of the Saudi banking sector during the period from 2003 to 2007 in general and that of Riyad Bank, one of the major players in the Saudi […]
Fransi Bank’s Financial Analysis and Forecast The financial analysis reveals the financial performance of the bank and the key factors that help the bank to be a leading organization in the industry.
UK Banking Sector Recovery Plan The objective of the analysis is to identify the possible benefits, weaknesses and implications of the plan to the British economy.
Three Financial Ratios for Stock Investor and Bank However in the stock investor will be looking for a long-term capital gain, the equity debt becomes more important since the stability of the company would be more important than the current liquidity.
Changes in the UK and US Banking Industry In the 1980s the US banking industry experienced increased transformation to the regulation of the financial institution by the Federal bank.
Al-Rajhi Bank of Saudi Arabia vs. Dubai Islamic Bank For the purpose of our assignment, we will use values of the total share capital of the year, the profit for the year, and the dividends paid to the shareholders of the banks.
The Bank of England and the Financial Services Authority One of the most crucial changes that the agreement effected was the removal of the supervisory and regulatory role of banks from the Bank of England to the FSA.
Trails to Success: Bank of America On analyzing the strategy of work of Bank of America and the requirements set for the applicants, it is possible to state that professional skills are the basis of a successful career in banking.
Performance Evaluation of Al Rajhi Bank The financial statements and other information of the bank available at its website have been used to evaluate the performance of the bank.
Ethical Implication of Banking Bailout As such, if the government uses a billion to rescue the banking sector, it has to obtain this money from somewhere else in the economy.
Corporate Security Strategy: Financial Risks in Banking Sector
Customer Service Improvement Project at Qatar National Bank Evaluation
Theft and Workplace Problems: The Accidental Bank Robbery
Why Do Banking Policies Need To Keep Up With The Times?
Chase Bank Company Analysis
Creditpia’s Banking Sector
Reforms Necessary in the Banking System
Lloyds and Northern Rock Bank Buildings Semiotic Analysis
Goldman Sachs Bank in Economic Turmoil
HSBC – Criticised Over Their Banking Methods
Background About Garati Bank in Turkey
Home Loan Offered by Bank of America Corporation (BAC)
Total Quality Management in Abu Dhabi Commercial Bank
CRM Implementation Project for the Bank
Abu Dhabi Commercial Bank: Corporate Governance Principles
The World Bank: Definition and Activity
Network Information and Activity Times in Banking Firm
Business Strategy: Mountain Bank
Case of Westpac Bank & St. George Bank Merger
Andrew Jackson and the “Bank War”
Diversity of Employees in the Boston Bank
Adopting a New IT Strategy in SBI Bank
Kiboko Bank: Business Ethics Issue
Grameen Bank’s Concertive Control Systems
Bahrain’s Al Salam Bank’s Offer for Bahraini Saudi Bank
Young Depositors and Face-To-Face Banking
Threat of New Entrants to Commercial Banking Industry
Oil Pricing and Demand in Connection With the US Banking System Position
Production & Organization Management in a Refinancing Organization
Standard Chartered Bank: Problems and Solutions
Competitive Advantage Source: Westpac Banking Corporation
World Bank – IMF and the United Arab Emirates
The United States Banking Industry: Economic Profile
Money and Banking. Financial Markets
Integration of E-Commerce Websites in Banking Systems
Global Banking Secrecy Toolkit
Banking in Saudi Arabia: Main Facilities, History, and Future
“Data Mining and Customer Relationship Marketing in the Banking Industry“ by Chye & Gerry
Kuwait’s Banking Sector Overview
Competitive Advantage in the Banking Sector
Global Reputation and Competitive Advantage in Banking
International Banking System
“A Century of US Central Banking” by Bernanke
Gambling, Fraud and Security in Banking
Banking and Risk Management
Banking Systems Success in Canada and Australia
Banking and Monetary Policy During Recession of 2008-09
Dubai Macroenvironmental Analysis for Banking
Banking: Interest Rates and Credit Creation Process
Banking in David Ashby’s “Money Mechanics”
Banking Sector in the State of Kuwait
International Banking Sector: Financial Regulation
Kuwait Economy and Corporate Governance in Banking Sector
Bond Market and Banking in Gulf Countries
Westpac Banking Corporation Risk Management Policy
Citigroup: Credit Default Swaps in the Banking Industry
Risk in Banking Internal Control System
Hong Kong and Shanghai Banking Corporation’s Entry Into Japan
Banking Instability During the Global Financial Crisis
Satisfaction Management in Banking Industry
Hong Kong and Shanghai Banking Corporation Holdings
Retail Banking Products and Services
The Shift From Physical Personal Banking to Online Banking
Mobile Banking Adoption: Challenges and Solutions
Banking Industry Guidance
Employee Turnover Rate in UAE Banking Sector
Islamic Banking: Sales and Lease-Centered Models
Arbitration in Islamic Banking and Finance Dispute
Chief Information Officer’s Role in E-Banking
The Shadow Banking System: Financial Crisis Source
China Banking Supervision System: Defects and Improvement
Online Activity of Banking Sector in the UAE
Operational Risk in Conventional and Online Banking
UAE Banking Industry’s Status in a Global Context
Customer Engagement in the Greek Retail Banking Sector
Landsbanki Banking Analysis and Bank Alternatives
Kenya as a Leader in Mobile Banking of the World
Resistance to Change in Banking Orhanisations
Resistance to Change in the Banking Sector
Customer Service in the UAE Banking Sector
Australia and New Zealand Banking Group Management
Corruption and Ethics in China’s Banking Sector
Islamic Banking Principles and Relevance
Islamic Banking: Tools and Techniques
Banking Sector Cyber Wars and International Hacking
Islamic Banking and Financial Markets Critical Issues
JP Morgan Chase’ Banking Analysis
Banking Institutions Improvement
The Basel Committee Role in Banking
China’s Banking Sector Analysis
Greenbelt Banking Company’s Human Resource Management
Islamic Banking Principles
Boosting Sales in Retail Banking for 2012
Banking Regulation and Taxation
UAE’s Banking Industry Analysis
Money and Banking: The Economic Recession of 2007
The Russian Banking Sector
The Use of CRM in Australian Banking Industry
Money and Banking: David S. Ashby’s Perspective
Sustainable Development: The Banking Sector
Big Four: Banking in China
Banking Credit Risk Management
How to Keep Customers Loyal to Online Banking
Banks, Bank Firms and Financial Intermediaries
Market-Based Versus Bank-Based Financial Systems
Bank Mergers and Cost of Capital
Managing People in the Bank of America
The Implications of Internet-Banking on Bank Profitability
Service Quality Model in Internet Banking and Finance
Projected Customers Maintaining Strategies in Banking Industry
The Banking Industry in the United Arab Emirates
IPScape in the Australian Banking Sector
Bonus Banking: Case of UBS
Crossvergence in the Banking Industry
Ameribank and Online Banking
Benchmarking in the Investment and Banking Sector
Overcoming the Debt Crisis by European Banking Sector
National Bank of Kuwait: Employee Appraisal Problem
An Investigation of the Sustainable Benefits of Agency Banking in Kenya
HSBC Bank’s Kenyan Entry Strategy
The Basel Committee on Banking Supervision
Bank of America and Silver A-Plus Card
An Evaluation of the Economic Issues Identified in the ICB Report on Banking
Comparison of the United States and Saudi Arabian Banking Sector
Crisis in the Banking System of Korea
Financial Industry Analysis on MCU Sustainable Banking
Problems in Banking Regulation
Central Banking and the Money Supply
The Different Roles Played By the Central Bank, Depository Institutions, and Depositors in the Determination of Money Supply
The UK Banking Practice That Led to Financial Crisis
Human Resource Management at the Bank Alfalah
Bank of America: Realizing Servant Leadership
Citibank’s E-Business Strategy and Competences
A Marketing Research on Mobile Banking
The Too Big to Fail Phenomena in the Banking Sector
A Report on Customer Driven Marketing Strategy for Easy-Pay Mobile Banking Service
HSBC Holdings: Chinese Banking Sector
Federal Reserve; Money and Banking
Employee Motivation Factors in Banking
Crisis Management: Online Banking Security Breach
Mobile Banking in Saudi Arabia: Towards Understanding the Factors that Affects the Sector
Société Générale Bank: Effective Security Controls
Banking Industry Analysis
The History of U.S. Banking Crises: Cause and Effect
What Is Current Research in Money and Banking?
What Is the Study of Money and Banking?
What Are the Advantages of Banking?
U.S. Money and Banking: What Is the Key Issue Facing Us?
What Are the Main Topics of Money and Banking?
What Is the Best Research Topic in Money and Banking?
What Is the Divergence Between Accounting Standards and Banking Regulation?
What Were the Causes of the Banking Crisis of the 1930s?
What Are the Types of Banking?
What Is the Biggest Problem in Money and Banking?
How Do I Choose a Topic for Research in Money and Banking?
What Are the Most Important Money and Banking Services?
What Is the Banking System Like in South Korea?
What Are Some Good Thesis Topics in Finances and Banking?
What Are the Money and Banking?
What Are the Types of Money and Banking?
Why Is Banking Research Important?
What Are the Main Functions of Money and Banking?
What Is the Main Role of Banking?
What Do You Study in Banking?
What Are Money and Banking Used For?
Who Invented Banking?
What Are Basic Money and Banking Skills?
What Does Mobile Banking Need?
What Are the Categories of Money and Banking?
What Is the Purpose of Money and Banking?
How Does Islamic Banking Work?
What Is the Connection Between Accelerating Inflation and Decreasing Effectiveness of Banking Regulation?
What Is the Role of Money and Banking in the Economy?
What Are the Current Trends in Banking Industry?
Cost Accounting Essay Topics
Crisis Management Essay Titles
Corporate Finance Essay Ideas
Forecasting Questions
Insurance Ideas
Risk Assessment Questions
Quality Assurance Questions
Private Equity Research Ideas
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* Program is available for homes located in Delaware, Lackawanna, Lehigh, Monroe, Northampton and portions of Chester and Luzerne counties. Must meet maximum household income limits based on median household income per county as established annually by HUD as well as bank definition of first-time homebuyer. Speak to an ESSA Mortgage Professional for further details.

1 Loan-to-value (LTV) greater than 80% requires PMI insurance. LTVs between 90-97% have reduced PMI coverage requirements versus standard mortgage loan products.

ESSA participates in the State Transition Reentry Incentive Validating Endeavors (STRIVE) Program in partnership with the Commonwealth of Pennsylvania Department of Corrections. This program is like the CARE & STAR programs which assist offenders in making a successful return to society. ESSA will provide STRIVE program participants and graduates with loans up to $15,000 for housing, education/training, or transportation. To be eligible for a loan, the participants must complete a Financial Literacy Program conducted by ESSA. The Financial Literacy Program is modeled after the FDIC’s Money Smart Program.

ESSA participates in the Supervision to Aid Re-Entry (STAR) Program in partnership with the U.S. District Court for the Eastern District of Pennsylvania. This program is like the CARE program, by assisting offenders in making a successful return to society. ESSA will provide STAR program participants and graduates with loans up to $15,000 for housing, education/training, or transportation. To be eligible for a loan, the participants must complete a Financial Literacy Program conducted by The Fox School of Business at Temple University.

ESSA participates in the Court Assisted Re-Entry (CARE) Program in partnership with the U.S. District Court for the Middle District of Pennsylvania. The CARE Program assists offenders in making a successful return to society. ESSA developed the CARE Loan Program that provides loans up to $15,000 to qualifying active CARE participants and CARE graduates for housing, education/training, or transportation. To be eligible for a loan, CARE participants must complete a Financial Literacy Program conducted by ESSA. The Financial Literacy Program is modeled after the FDIC’s Money Smart Program.

Construction-Permanent Loans

With us, there’s no need to apply for separate construction and permanent mortgages when building a home..

Our loan converts from a construction mortgage to a permanent mortgage upon completion of construction with no change in rate and no fees for conversion; saving you both time and money!

Pre-qualify to determine an affordable price range for your land/home purchase
Construction period of 12 months with interest-only billed monthly
Rate guaranteed for 90 days from application 1
Both adjustable-rate and fixed-rate mortgages available
Flexibility to choose your own builder
Construction inspections and draw payouts performed in a timely manner
Use the equity in a lot you already own towards your down payment
Auto-pay credit applied at closing 2

For a timely response, you must direct all billing inquiries and requests for information on your loan to: ESSA Bank & Trust, Attn: Loan Servicing, P.O. Box L, Stroudsburg, PA 18360-0160.

1 All loans are subject to credit approval. ESSA Bank & Trust guarantees the interest rate effective on the date we receive the application and for which the loan request qualifies provided that we receive payment of the application fees within 15 calendar days of the application date.

2 Is initiated when borrower authorizes automatic payment from an ESSA checking account.

Bridge Loans

Out with the old, in with the new.

The distance from your current home to your new home is just a hop, skip and a bridge loan away. If you have sold your existing home, and awaiting closing, you could use its equity to serve as a down payment on your new home. Go ahead, you can raise the roof!

Using Calculators | Contacting a Mortgage Professional

Competitive fixed interest rates
Flexible terms from 3 to 12 months
Quoted rates are guaranteed for 60 days 1
Monthly payment of interest only. Principal due at maturity.
Loan amounts range from a minimum of $25,000 to $250,000 maximum (when ESSA will be the first lien)

Disclosure:

Small Business Relationship Manager- Plymouth Meeting

View Job Description

Click HERE to fill out our online job application.

In case you do not feel comfortable submitting an application online , you can send your resume as well as salary requirements to our Human Resources Department at [email protected] , or fax to 570.420.5196 .

You can also send your resume through the mail to: ESSA Bank & Trust Human Resource Services 200 Palmer Street P.O. Box L Stroudsburg, PA 18360-0160 Telephone: 570.421.0531

Teller I- Upper Darby

Teller- wilkes barre, commercial relationship manager- lehigh valley, commercial relationship manager- plymouth meeting, floating teller, bilingual bank teller- allentown, the foundation of any home starts with the right location..

If you are looking to purchase property for the future site of a primary or secondary home, a Lot Loan is the perfect lending solution for you.

Rate guaranteed for 60 days 1
10-acre maximum
Must be zoned residential
$5,000 minimum to $100,000 maximum loan amount

For a timely response, you must direct all billing inquiries and requests for information on your loan to: ESSA Bank & Trust, Attn: Loan Servicing, PO Box L, Stroudsburg, PA 18360-0160.

Commercial Relationship Manager/Commercial Loan Officer- Lehigh Valley

You can also send your resume through the mail to: ESSA Bank & Trust Human Resource Services 200 Palmer Street P.O. Box L Stroudsburg, PA 18360-0160 Telephone: 421.0531

Commercial Credit Analyst II- Bethlehem

Mortgage loan originators- wilkes barre, lehigh valley, philadelphia, call center manager- lehigh valley.

Non-Profit & Foundations

As a leading member of a nonprofit, you carry a tremendous responsibility to balance the mission of your organization with its fiduciary goals. This often includes the structure and management of your investment portfolio. That’s where we can be of great help.

Portfolio Management

ESSA has helped tax-exempt organizations maximize returns, mitigate risks, and create highly customized portfolio solutions that include an appropriate asset allocation strategy. Our expert advisors will help foster healthy growth and the responsible management of your financial resources.

Endowment Funds

Specially designed for non-profit institutions such as churches, colleges and universities, fire companies, and other 501(c) organizations seeking professional and customized management of an endowment portfolio. We serve as trustees or as investment managers, providing advice in the design of the trust agreement and working closely with you to understand its particular financial objectives.

Foundation Accounts

Generally funded by donations, these accounts are designed to support your charitable institution.

Products offered by Asset Management & Trust: ·Not FDIC insured · May go down in value · Not financial institution guaranteed · Not a deposit · Not insured by any federal government agency.

The information in this website is for US residents only.

Fixed-Rate Mortgages

With a fixed-rate mortgage, there are no surprises or unexpected fluctuations; only stable monthly payments that fit your budget..

Viewing Rates | Using Calculators | Contacting a Mortgage Professional

Fixed interest rate
Rate guaranteed for 60 days from application 1
90 day rate locks available 2
Terms up to 30 years
Auto-pay credit applied at closing 3

2 Rate lock of up to 90 days is available on purchase transactions with a fee of 0.25% of the loan amount.

3 Is initiated when the borrower authorizes automatic payment from an ESSA checking account.

Adjustable-Rate Mortgages

Let’s talk about the benefits of an arm ..

No, not the two you have on your body, an Adjustable Rate Mortgage ( ARM )! If you are looking to purchase a home, this mortgage may offer a lower initial rate which means lower monthly payments. That also means savings for you!

Viewing Rates | Using Calculators | Contacting a Mortgage Professional

3, 5, and 7 year fixed rate with adjustments annually thereafter
Rate guaranteed for 60 days from application 1

2 Is initiated when borrower authorizes automatic payment from an ESSA checking account.

Jumbo Mortgages

If you are looking to finance a larger scale home, you need a mortgage that works for you. with a jumbo mortgage, don’t just dream it, own it.

Available as Fixed or Adjustable rates
Loans from $548,250 to $1,500,000

ESSA’s Rapid Refi

Fast. quick. swift..

All of these are synonyms for the word “rapid.” Why is that important for you to know? Because with our Rapid Refi, you can save some serious cash and quickly, when you refinance your primary or secondary home.

Terms up to 20 years, fixed-rate or ARM available
Maximum loan amount is $350,000

Rehab Loans

Those renovations you’ve been waiting to do can now be easier to accomplish with an ESSA Rehab Loan. You can refinance your existing mortgage to pay for your home improvements. Or, use this loan to purchase a home that can benefit from repairs.

Repayment Terms up to 30 years
Appraisal completed subject to improvements
$100 auto-pay credit applied at closing 2

Some conditions and restrictions may apply. Speak to a Mortgage Professional for more details.

2 Is initiated when the borrower authorizes automatic payment from an ESSA checking account.

The Board of Directors understands that ESSA Bank & Trust’s (ESSA’s) reputation for integrity and trust is determined by the conduct of its insiders. In order to protect that reputation, the Board has adopted this policy to ensure ESSA remains a trusted and viable entity in this community.

General Objectives of the Policy

To provide the insiders of this Bank with the standards as to what is and what is not acceptable behavior with regards to conflict of interest. Additionally, the policy will establish a “Code of Ethics” for all insiders.

Specific Goals

Set policy as to what constitutes a conflict of interest. Establish authority as to approval of exceptions to policy.

Establish the authority for the President to require all insiders to submit a statement attesting to their compliance with this policy each calendar year.

Establish the basic “Code of Ethics” to be employed by all insiders during the period for which he or she works for or represents the Bank.

Policy Elements

Conflict of interest policy statement:.

Insiders must not advance their own personal or business interest, or those of others with whom they have a personal or business relationship, at the expense of the Bank. Insiders must, if they have an interest in a matter or transaction before the Board of Directors:

1. Disclose to the Board all material non-privileged information relevant to the Board’s decision on the matter or transaction, including

1. The existence, nature and extent of the insiders’ interest;

2. The facts known to the insider as to the matter or transaction under consideration.

2. Refrain from participating in the Board’s discussion of the matter or transaction, and,

3. Recuse themselves from voting on the matter or transaction (if the insider is a director).

Definitions:

Each executive officer or director and each of his or her related interest (as defined in Regulation O) is deemed to be an insider for the purpose of this policy.

Executive Officers:

Executive officers include division heads, COO & President/CEO.

Related Interests:

A related interest is a company controlled by a person or a political campaign committee controlled by or benefiting a person. A person is generally deemed to be in control if he or she owns 25% of the controlled entity, or owns 10% and is an executive officer or director of the controlled entity.

Transactions:

This includes not only making loans, but also approving overdrafts, accepting checks on uncollected funds, waiving non-sufficient funds (NSF), overdraft, or late

charges, and waiving the requirement for financial statements or collateral documents.

The internal auditor is given the authority to audit all of the elements under this policy as to compliance thereof.

Code of Ethics

1. conflicts of interest.

All transactions with insiders will be made on substantially the same terms as those afforded other ESSA customers to avoid the appearance of preferential treatment. Special attention will be paid by the Board to any potentially excessive salaries or bonuses, director’s fees, fees paid where there is no apparent benefit to the Bank, and fees paid for services not yet received.

No extension of credit shall be granted to any insider of the Bank on more favorable terms, such as a lower interest rate charged, and/or extended maturity than is available to the general public, or in the alternative, is widely available to all ESSA employees.

No deposits shall be accepted from any insider of the Bank on more favorable terms than to any other ESSA customer, including higher interest rates, or longer or shorter maturities.

If any fees or terms are found by the Board to be excessive, the Board shall take prompt corrective action, including requiring restitution to the Bank, to remedy the situation.

The Bank will not purchase any goods or services from a company in which a director has a related interest.

Insiders should not represent the Bank in any transaction where he or she has a material connection or a financial interest.

(Examples of material connections include relatives or close personal friends – whether the transaction involves them as individuals or as principals in a firm doing business with the bank. An example of a financial interest is an insider’s involvement as a proprietor, partner, or joint venture in a firm doing business with the Bank.)

An insider should not accept a directorship of another corporation without the approval of ESSA’s Board of Directors. Charitable and nonprofit organizations are exceptions to this general requirement.

The President/CEO is prohibited from any affiliation with a political campaign committee.

Any insider making investments on behalf of the Bank is prohibited from taking advantage of the special circumstances associated with this duty. Specifically, an insider is prohibited from buying securities for his or her own account through dealers from which he or she buys securities for the Bank’s account. The insider is also prohibited from accepting gifts, entertainment, free travel, and so forth from a securities dealer or from employees who work for a securities firm (except as outlined below in section 4 of this policy). If the insider is ever approached with a deal that would benefit him or her personally, he or she must immediately report the circumstances to the President and the Chairman of the Board and stop placing investment orders through that firm.

2. Confidentiality of Thrift Information

In the course of performing bank duties, insiders acquire confidential information considered to be extremely sensitive by customers.

This information must not be revealed to unauthorized persons, nor should customers’ finances be discussed with others within the bank unless their duties require the information. Information about customers can be released only when authorized by the customer or subpoenaed by a court or the Internal Revenue Service (IRS), and then the information released must be accurate and within the confines of the authorizing document.

No insider of the Bank shall use any inside information to improperly profit for their own benefit. The Board shall make the final determination on any questionable insider information-related transactions made by an insider.

3. Standards for Reporting Personal Transactions That May Affect Thrift Performance

Any actual or potential conflict of interest regarding insiders shall be promptly disclosed to the Board for consideration, whether

intended or unintended.

Each insider will sign the “Statement on Conflict of Interest and Code of Ethics” form annually in the month of October.

Each investment officer will sign the “Investment Officer Code of Conduct Statement” form.

4. Guidelines on Outside Activities

No insider of ESSA shall solicit anything of value from anyone in return for any business service or confidential information of the Bank. No insider of ESSA shall accept anything of value other than bona fide salary, wages, fees, or other compensation paid in the usual course of business from anyone in connection with the business of the Bank, either before or after a transaction is discussed or consummated.

Exceptions to this requirement include items offered based on a family or personal relationship, independent of any business of ESSA, the benefit is available to the general public under the same conditions, or the item would be paid for by the Bank as a reasonable business expense if it were not paid for by another party. Advertising materials, gifts relating to commonly recognized events, and certain awards also qualify as exceptions to this provision. Any ESSA insider who is offered or receives anything of value beyond what is authorized in this exception must disclose that fact to the Board.

Acceptance of Gifts: Bank officers may accept small gifts or other items of value from business associates of the bank, as long as all such acceptances are properly disclosed and the dollar value is considered nominal. Gifts valued up to $50 may be accepted without prior approval. Gifts exceeding $50 must receive the approval of the Board of Directors before acceptance. Insiders may accept the following types of items from individuals doing or seeking to do business with ESSA:

Meals, gratuities, amenities, or favors based on obvious family or personal relationships.

Meals, refreshments, travel arrangements, accommodations, or entertainment of reasonable value in the course of a meeting or other bona fide business occasion.

Loans from other financial institutions when made on customary terms for the purpose of financing proper and usual activities. It is the responsibility of the insider accepting the loan to ensure that the loan is not contingent upon ESSA accepting or offering any other service. The insider must also ensure that any loan from a correspondent of ESSA is made on an arm’s length basis and does not include any preferential terms.

Advertising or promotional material of reasonable value (pens, note pads, calendars, etc.).

Discounts or rebates on merchandise or services that are available to other similar customers.

Gifts of reasonable value related to commonly recognized events or occasions such as promotion, wedding, retirement, holiday, etc.

Civic, charitable, educational, or religious organizational awards for recognition of service and accomplishments.

Other benefits or items of value, when approved, in writing, on a case-by-case basis.

5. Protection of Institution Property

An insider may not make use of ESSA’s facilities for their own benefit, real or personal property, or personnel.

6. Compliance with Laws and Regulations

The Bank’s loans to any insider shall be made on terms no more favorable than those available at the same time to non-insiders for comparable transactions. They will carry no more than a normal risk of failure to repay, and have no unfavorable features.

If a loan to an insider exceeds the higher of $25,000 or 5% of the Bank’s unimpaired capital and surplus, the extension of credit must be approved in advance by a majority of the entire Board. The interested party will abstain from participating directly or indirectly in the voting. This abstention will be noted in the Board’s minutes. Prior approval of the Board must be obtained for any size loan if the aggregate amount of credit exceeds $500,000.

ESSA will make no loan to any insider or related interest that exceeds the regulatory aggregate lending limit of the Bank.

Any extension of credit by the Bank to an insider or related interest must be preceded by the submission of a detailed current financial statement to the Board. Any loan thus made to an executive officer shall be subject to the condition that the extension of credit shall become due and payable on demand at any time that the officer is indebted to an other bank(s) in an aggregate amount greater than the specified limit for the Bank.

Any overdraft being paid by ESSA on behalf of its executive officers and/or directors on an account at the Bank will be made in accordance with a written, pre-authorized interest-bearing extension of credit plan that specifies a method of repayment, or in accordance with a written, pre-authorized transfer of funds from another account of the account holder at the Bank. In the alternative, any such overdraft must be inadvertent, aggregating $1,000 or less, and remain outstanding for less than five days. The insider will be charged the same fee charged for any other customer of the Bank in similar circumstances.

Record keeping of insider transactions shall be as follows: records shall identify all executive officers, directors and their related interest, and the amount and terms of each extension of credit from ESSA to the person and their related interest. Records of publicly requested disclosures of information shall also be maintained. All records listed here shall be kept on file for a minimum of three years.

7. Procedures for Ensuring Compliance with the Code

ESSA will establish a system to administer and monitor compliance with this policy. This system will ensure that all insiders are trained, kept aware of, and provided with interpretive advice and assistance in dealing with insider issues. The President/CEO is charged with the responsibility of soliciting the “Statement on Comprehensive Insider Code of Ethics and Conflict of Interest” on an annual basis from all insiders. This system will annually require the Compliance Officer to collect the “Statement on Comprehensive Insider Code of Ethics and Conflict of Interest” forms. These forms will be maintained at that office.

8. Consequences of Non-Compliance

Failure to comply with this policy may result in the termination of employment. The action taken will be commensurate with the seriousness of the conduct and an evaluation of the situation. All violations of this policy will be brought to the attention of the board of directors. Termination of employment may be determined by an officer who is the direct or indirect supervisor of the employee concerned.

Living Trusts

Revocable living trusts are a popular way to streamline personal finances and gain the benefits of professional management. These trusts allow your personal trustee to consolidate investments into one comprehensive account, maintain financial records of investments and expenses, handle bill payments, prepare taxes, and resolve issues with medical insurance and Medicare.

Finding a Branch | Exploring Estate Planning | Contacting a Trust Officer

Our History

ESSA Bank & Trust (ESSA) was established in 1916 when Mr. John Gish founded the East Stroudsburg Building & Loan Bank in East Stroudsburg, PA. A number of strategic mergers during the early years resulted in a name change to East Stroudsburg Savings Association. As a result, by 1971, assets had grown to $20 million dollars.

As ESSA grew, so did our branch network. Between 1971 and 2004 ESSA added numerous branches throughout Monroe County. ESSA also was excited to form the ESSA Foundation, a 501(c)3 organization. The bank earmarked 10% of its net income each year for the foundation to use in awarding grants to charitable organizations in our community which enhance housing programs, parks and recreation, educational programs, community health and the arts.

In 2003, the bank completed construction of a new corporate headquarters in downtown Stroudsburg. That same year, the bank’s assets reached a new milestone at $500 million dollars.

Founded in 1916 as a traditional thrift institution, the bank had added a spectrum of other banking and investment services. In 2006, ESSA underwent its third name change. The new name ESSA Bank & Trust more accurately reflected the banking institution they had become.

Since growth and serving more people remained at the center of ESSA’s goals, the leadership determined the best way to fuel that growth would be to convert from a mutual bank to a publicly owned entity. In 2006, ESSA Bancorp, Inc., the holding company for ESSA Bank & Trust, received regulatory approval to complete its conversion. By 2007 the ESSA Foundation was replaced by the new ESSA Bank & Trust Foundation which is now funded by ESSA Bancorp Stock. Giving back remains a key part of our mission today.

The bank’s assets reached $1 Billion in 2009. Rapid branch growth followed as multiple branches were added and the bank expanded in the Lehigh Valley market. The bank also added ESSA Advisory Services during that time. A strategic merger and acquisition allowed ESSA to expand its Lehigh Valley footprint by adding nine branches. After the acquisition assets reached $1.5 billion.

Between 2014 and 2015, ESSA made additional acquisitions which allowed the bank to grow into several new markets including Philadelphia and the Wilkes-Barre Scranton areas. Deepening relationships and enhancing ESSA’s ability to serve more individuals and businesses has been the driving force behind each decision that was made. As of April 28, 2021, ESSA Bank & Trust had Total Liabilities and Stockholder’s Equity of $1,969,789.

It’s hard to imagine that John Gish could have envisioned that the institution he founded 105 years ago to meet the housing needs of Monroe County would evolve into what it is today. ESSA is truly thankful to all the individuals and businesses that have allowed us to enjoy such success. We look forward to the future.

Charitable Trusts

Charitable Trusts are a time-honored way to minimize taxes, preserve your legacy, and provide you with income while positively contributing to society. If you have charitable interests, allow us to discuss the various options and tailor a plan that is right for you.

Finding a branch | Exploring Estate Planning | Contacting a Trust Officer

Guardianships

Courts appoint guardians to manage the assets of incapacitated individuals. Our Trust Officers have the special training and experience to administer these complex arrangements. As guardians, we invest the assets properly, file inventories and reports with the court in a timely manner, and make sure that expenditures are appropriately made.

Finding a Branch | Exploring Estate Planning | Contacting a Trust Officer

Special Needs Trusts

Special needs trusts provide financial management for disabled individuals without affecting their ability to qualify for government benefits such as Social Security and Medicaid. Funding of these trusts can come from an immediate transfer of assets, transfer by will from an estate, life insurance proceeds, or the disabled person’s own assets.

Finding a Branch | Exploring Estate Planning | Contacting a Trust Officer

Testamentary Trusts

Testamentary trusts are usually included in your will and take effect upon your death. These trusts are used by parents of adult children who need asset protection and by parents of minor children to delay or control the flow of inheritance. Married couples often use testamentary trusts for tax planning purposes and to provide professional financial management for a surviving spouse.

Finding a branch | Exploring Estate Planning | Contacting a Trust Officer

IRA Rollovers

Each time you change jobs, or when you retire, you may be left wondering what to do with the money in your retirement plan. Adding to your concerns are taxes, inflation and the threat of dwindling Social Security benefits. All can have a significant impact on your retirement, so it’s important for you to make informed decisions. That’s where we can help.

When you own multiple accounts – including 401(k)s, 403(b)s, and other retirement plans – from former employers, you may be able to transfer most of those retirement assets into an IRA for easier management. Our Trust Officers are prepared to help you understand your options, along with the advantages and disadvantages of each.

Key reasons for consolidating retirement accounts include:

Your strategy becomes more organized
Record keeping and paperwork are reduced
Diversifying assets and monitoring account value are simplified
Calculating required minimum distributions is easier
Tax deferral is continued

Investment Mortgages

If you have always had an eye for investing and a desire to own a rental property, our investment mortgage may be your best option..

We look forward to helping your investment property 1 dreams become a reality.

Fixed and Adjustable rate options
Rate guaranteed for 60 days from application 2

1 Investment Property is defined as a 1-4 family non-owner occupied property.

2 All loans are subject to credit approval. ESSA Bank & Trust guarantees the interest rate effective on the date we receive the application and for which the loan request qualifies provided that we receive the application fees within 15 calendar days of the application date.

Open an ESSA account anywhere, anytime.

Current Customers

How to Apply

If you have any questions, you can fill out our online contact us form, give us a call , or stop by one of our branches to speak with a customer service representative.

Are you ready to get started? Contact us by email , give us a call , or visit any of our branch locations during normal business hours to learn more about finding the right lending solution for you.

ACH Origination

On the many highways of running a business, you occasionally hit some speed bumps when it comes to cash management. With our ACH Origination service, you will be able to move money, pay employees, and electronically pay/collect bills with the push of a few buttons. Increase efficiency and accuracy while reducing costs. Say goodbye to the red lights and hello to the possibilities!

Reduce costs with direct deposits and direct payments
Enjoy simplified payroll disbursement and account reconciliation
Immediate access to funds

Last places remaining for July 14th and July 28th courses . Enrol now and join students from 175 countries for the summer of a lifetime

40 Useful Words and Phrases for Top-Notch Essays

To be truly brilliant, an essay needs to utilise the right language. You could make a great point, but if it’s not intelligently articulated, you almost needn’t have bothered.

Developing the language skills to build an argument and to write persuasively is crucial if you’re to write outstanding essays every time. In this article, we’re going to equip you with the words and phrases you need to write a top-notch essay, along with examples of how to utilise them.

It’s by no means an exhaustive list, and there will often be other ways of using the words and phrases we describe that we won’t have room to include, but there should be more than enough below to help you make an instant improvement to your essay-writing skills.

If you’re interested in developing your language and persuasive skills, Oxford Royale offers summer courses at its Oxford Summer School , Cambridge Summer School , London Summer School , San Francisco Summer School and Yale Summer School . You can study courses to learn english , prepare for careers in law , medicine , business , engineering and leadership.

General explaining

Let’s start by looking at language for general explanations of complex points.

1. In order to

Usage: “In order to” can be used to introduce an explanation for the purpose of an argument. Example: “In order to understand X, we need first to understand Y.”

2. In other words

Usage: Use “in other words” when you want to express something in a different way (more simply), to make it easier to understand, or to emphasise or expand on a point. Example: “Frogs are amphibians. In other words, they live on the land and in the water.”

3. To put it another way

Usage: This phrase is another way of saying “in other words”, and can be used in particularly complex points, when you feel that an alternative way of wording a problem may help the reader achieve a better understanding of its significance. Example: “Plants rely on photosynthesis. To put it another way, they will die without the sun.”

4. That is to say

Usage: “That is” and “that is to say” can be used to add further detail to your explanation, or to be more precise. Example: “Whales are mammals. That is to say, they must breathe air.”

5. To that end

Usage: Use “to that end” or “to this end” in a similar way to “in order to” or “so”. Example: “Zoologists have long sought to understand how animals communicate with each other. To that end, a new study has been launched that looks at elephant sounds and their possible meanings.”

Adding additional information to support a point

Students often make the mistake of using synonyms of “and” each time they want to add further information in support of a point they’re making, or to build an argument. Here are some cleverer ways of doing this.

6. Moreover

Usage: Employ “moreover” at the start of a sentence to add extra information in support of a point you’re making. Example: “Moreover, the results of a recent piece of research provide compelling evidence in support of…”

7. Furthermore

Usage:This is also generally used at the start of a sentence, to add extra information. Example: “Furthermore, there is evidence to suggest that…”

8. What’s more

Usage: This is used in the same way as “moreover” and “furthermore”. Example: “What’s more, this isn’t the only evidence that supports this hypothesis.”

9. Likewise

Usage: Use “likewise” when you want to talk about something that agrees with what you’ve just mentioned. Example: “Scholar A believes X. Likewise, Scholar B argues compellingly in favour of this point of view.”

10. Similarly

Usage: Use “similarly” in the same way as “likewise”. Example: “Audiences at the time reacted with shock to Beethoven’s new work, because it was very different to what they were used to. Similarly, we have a tendency to react with surprise to the unfamiliar.”

11. Another key thing to remember

Usage: Use the phrase “another key point to remember” or “another key fact to remember” to introduce additional facts without using the word “also”. Example: “As a Romantic, Blake was a proponent of a closer relationship between humans and nature. Another key point to remember is that Blake was writing during the Industrial Revolution, which had a major impact on the world around him.”

12. As well as

Usage: Use “as well as” instead of “also” or “and”. Example: “Scholar A argued that this was due to X, as well as Y.”

13. Not only… but also

Usage: This wording is used to add an extra piece of information, often something that’s in some way more surprising or unexpected than the first piece of information. Example: “Not only did Edmund Hillary have the honour of being the first to reach the summit of Everest, but he was also appointed Knight Commander of the Order of the British Empire.”

14. Coupled with

Usage: Used when considering two or more arguments at a time. Example: “Coupled with the literary evidence, the statistics paint a compelling view of…”

15. Firstly, secondly, thirdly…

Usage: This can be used to structure an argument, presenting facts clearly one after the other. Example: “There are many points in support of this view. Firstly, X. Secondly, Y. And thirdly, Z.

16. Not to mention/to say nothing of

Usage: “Not to mention” and “to say nothing of” can be used to add extra information with a bit of emphasis. Example: “The war caused unprecedented suffering to millions of people, not to mention its impact on the country’s economy.”

Words and phrases for demonstrating contrast

When you’re developing an argument, you will often need to present contrasting or opposing opinions or evidence – “it could show this, but it could also show this”, or “X says this, but Y disagrees”. This section covers words you can use instead of the “but” in these examples, to make your writing sound more intelligent and interesting.

17. However

Usage: Use “however” to introduce a point that disagrees with what you’ve just said. Example: “Scholar A thinks this. However, Scholar B reached a different conclusion.”

18. On the other hand

Usage: Usage of this phrase includes introducing a contrasting interpretation of the same piece of evidence, a different piece of evidence that suggests something else, or an opposing opinion. Example: “The historical evidence appears to suggest a clear-cut situation. On the other hand, the archaeological evidence presents a somewhat less straightforward picture of what happened that day.”

19. Having said that

Usage: Used in a similar manner to “on the other hand” or “but”. Example: “The historians are unanimous in telling us X, an agreement that suggests that this version of events must be an accurate account. Having said that, the archaeology tells a different story.”

20. By contrast/in comparison

Usage: Use “by contrast” or “in comparison” when you’re comparing and contrasting pieces of evidence. Example: “Scholar A’s opinion, then, is based on insufficient evidence. By contrast, Scholar B’s opinion seems more plausible.”

21. Then again

Usage: Use this to cast doubt on an assertion. Example: “Writer A asserts that this was the reason for what happened. Then again, it’s possible that he was being paid to say this.”

22. That said

Usage: This is used in the same way as “then again”. Example: “The evidence ostensibly appears to point to this conclusion. That said, much of the evidence is unreliable at best.”

Usage: Use this when you want to introduce a contrasting idea. Example: “Much of scholarship has focused on this evidence. Yet not everyone agrees that this is the most important aspect of the situation.”

Adding a proviso or acknowledging reservations

Sometimes, you may need to acknowledge a shortfalling in a piece of evidence, or add a proviso. Here are some ways of doing so.

24. Despite this

Usage: Use “despite this” or “in spite of this” when you want to outline a point that stands regardless of a shortfalling in the evidence. Example: “The sample size was small, but the results were important despite this.”

25. With this in mind

Usage: Use this when you want your reader to consider a point in the knowledge of something else. Example: “We’ve seen that the methods used in the 19th century study did not always live up to the rigorous standards expected in scientific research today, which makes it difficult to draw definite conclusions. With this in mind, let’s look at a more recent study to see how the results compare.”

26. Provided that

Usage: This means “on condition that”. You can also say “providing that” or just “providing” to mean the same thing. Example: “We may use this as evidence to support our argument, provided that we bear in mind the limitations of the methods used to obtain it.”

27. In view of/in light of

Usage: These phrases are used when something has shed light on something else. Example: “In light of the evidence from the 2013 study, we have a better understanding of…”

28. Nonetheless

Usage: This is similar to “despite this”. Example: “The study had its limitations, but it was nonetheless groundbreaking for its day.”

29. Nevertheless

Usage: This is the same as “nonetheless”. Example: “The study was flawed, but it was important nevertheless.”

30. Notwithstanding

Usage: This is another way of saying “nonetheless”. Example: “Notwithstanding the limitations of the methodology used, it was an important study in the development of how we view the workings of the human mind.”

Giving examples

Good essays always back up points with examples, but it’s going to get boring if you use the expression “for example” every time. Here are a couple of other ways of saying the same thing.

31. For instance

Example: “Some birds migrate to avoid harsher winter climates. Swallows, for instance, leave the UK in early winter and fly south…”

32. To give an illustration

Example: “To give an illustration of what I mean, let’s look at the case of…”

Signifying importance

When you want to demonstrate that a point is particularly important, there are several ways of highlighting it as such.

33. Significantly

Usage: Used to introduce a point that is loaded with meaning that might not be immediately apparent. Example: “Significantly, Tacitus omits to tell us the kind of gossip prevalent in Suetonius’ accounts of the same period.”

34. Notably

Usage: This can be used to mean “significantly” (as above), and it can also be used interchangeably with “in particular” (the example below demonstrates the first of these ways of using it). Example: “Actual figures are notably absent from Scholar A’s analysis.”

35. Importantly

Usage: Use “importantly” interchangeably with “significantly”. Example: “Importantly, Scholar A was being employed by X when he wrote this work, and was presumably therefore under pressure to portray the situation more favourably than he perhaps might otherwise have done.”

Summarising

You’ve almost made it to the end of the essay, but your work isn’t over yet. You need to end by wrapping up everything you’ve talked about, showing that you’ve considered the arguments on both sides and reached the most likely conclusion. Here are some words and phrases to help you.

36. In conclusion

Usage: Typically used to introduce the concluding paragraph or sentence of an essay, summarising what you’ve discussed in a broad overview. Example: “In conclusion, the evidence points almost exclusively to Argument A.”

37. Above all

Usage: Used to signify what you believe to be the most significant point, and the main takeaway from the essay. Example: “Above all, it seems pertinent to remember that…”

38. Persuasive

Usage: This is a useful word to use when summarising which argument you find most convincing. Example: “Scholar A’s point – that Constanze Mozart was motivated by financial gain – seems to me to be the most persuasive argument for her actions following Mozart’s death.”

39. Compelling

Usage: Use in the same way as “persuasive” above. Example: “The most compelling argument is presented by Scholar A.”

40. All things considered

Usage: This means “taking everything into account”. Example: “All things considered, it seems reasonable to assume that…”

How many of these words and phrases will you get into your next essay? And are any of your favourite essay terms missing from our list? Let us know in the comments below, or get in touch here to find out more about courses that can help you with your essays.

At Oxford Royale Academy, we offer a number of summer school courses for young people who are keen to improve their essay writing skills. Click here to apply for one of our courses today, including law , business , medicine and engineering .

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What is a bank statement, and how do you read one?

Use this example bank statement to help navigate your own..

If you want to know what's going on with your bank account, take a look at your bank statements. These documents give you a full rundown of all the activity in your bank account each month.

You can receive your bank statements by mail or electronically, and it's worth looking at them each month to keep tabs on what's happening with your money.

What is a bank statement?

A bank statement is a document that shows your bank account details and all the activity that's taken place in your account during a specific time period — usually a month.

Banks and credit unions must provide you with a monthly bank statement if your checking account or savings account had at least one account transaction during the month. But if your activity is less frequent, they'll provide a quarterly statement.

By default, banks typically send your statements by mail, but you can opt to go "paperless." If you do, you can find your eStatements online when you log into your bank account.

Should you get paperless bank statements?

A paperless bank statement, or eStatement, is a PDF version of your paper bank statement. Here are a few great reasons to choose paperless over receiving them in the mail:

More secure : You don't have to worry about your statements being lost in the mail, intercepted by an identity thief, being read or stolen by your bank's printing vendor, or storing and disposing of the documents safely.

Avoid fees : Some banks charge fees up to $5 per printed statement, or $60 a year, but digital statements are free.

Better for the environment : In 2019, Bank of America alone mailed 551 million paper statements to customers, which amounted to 7.915 metric tons of paper. When you switch to eStatements, you help reduce paper waste and use less of the resources needed for paper production and transportation.

Faster receipt : Electronic statements are available immediately, and you don't have to wait for them to arrive by mail.

One downside to going paperless is that your electronic statements are only available for a limited time period, sometimes 12, 24, or 36 months, depending on the bank. For that reason, you might consider downloading them or, if needed, printing copies.

Reasons to read your bank statement

The only way to thoroughly monitor your bank account is to view your account activity on a regular basis or read all of your bank statements. By reviewing this information, you can find and address serious account issues. For example:

Unauthorized transactions : If you find a fraudulent transaction , you have 60 days after receiving the statement to notify your bank and avoid having to cover the full cost.

Errors : You can look for incorrect transactions and contact the vendor or work with the bank to correct them.

Recurring charges : In a 2022 survey, consumers underestimated their recurring monthly subscription expenses by $133, or $1,596 a year . Regular account reviews help you save money when you identify and cancel charges for services you don't use.

Account fees : Keep an eye on various bank fees , such as monthly maintenance fees, ATM fees , non-sufficient funds (NSF) fees , and overdraft charges .

Bank statement example

Reviewing your bank statements each month is an important habit. But if you’re not familiar with these statements, they may seem overwhelming at first. Here’s an example of a bank statement to familiarize yourself.

What is the Great Depression?

Key factors that caused the great depression, government response and policy failures.

Lessons learned from the Great Depression
Could the Great Depression happen again?

Unraveling the Causes of the Great Depression

Paid non-client promotion: Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate investing products to write unbiased product reviews.

While the October 1929 stock market crash triggered the Great Depression, multiple factors turned it into a decade-long economic catastrophe.
Overproduction, executive inaction, ill-timed tariffs, and an inexperienced Federal Reserve all contributed to the Great Depression.
The Great Depression’s legacy includes social programs, regulatory agencies, and government efforts to influence the economy and money supply.

Periods of economic downturn are a normal part of the business cycle, with the average US recession lasting around 10 months. But the Great Depression was a catastrophe, lasting nearly a decade and ushering in a new era of government regulations still seen today.

Following the exorbitant economic growth of the 1920s, poor policy decisions based on stock market speculation and overproduction by businesses resulted in a large-scale economic crisis known as the Great Depression. Its causes aren't entirely dissimilar to those of recession, though compounded on a grander scale.

Yet, if the causes of the Great Depression can be seen in other recessions, can the economy fall into another depression?

Let's explore the economic policies leading to the Great Depression, the impact of the 1929 stock market crash, and the impact of the crisis on global economies.

Check out Business Insider's guide to the best free stock trading apps >>

The Great Depression was the worst economic period in US history. Starting in 1929, when the stock market crashed, it lasted until 1939 when the US began mobilizing for World War II. Industrial production fell by nearly 47%, and gross domestic production (GDP) declined by 30%. Almost half of US banks collapsed, stock shares traded at a third of their previous value, and nearly one-quarter of the population was jobless.

Despite popular belief, the stock market crash of 1929 was only the start of the crisis, not the sole perpetrator. The Great Depression resulted from a multitude of different complex policy and economic factors, including ill-timed tariffs and misguided moves by the young Federal Reserve.

"The crash was not a cause, but a triggering event," says Barry M. Mitnick, a professor of business administration and public and international affairs at the University of Pittsburgh's Katz Graduate School of Business .

The average US recession between WWII and today is 10 months, according to data from the National Bureau of Economic Research . However, the Great Depression ravaged the economy for roughly a decade.

Economic landscape preceding the Depression

The lavish economy of the "Roaring Twenties" preceded the crash of the Great Depression. Between 1922 and 1929 was a time of exorbitant economic growth.

The gross national product grew at an average annual rate of 4.7%, while the unemployment rate dropped from 6.7% to 3.2%. Total wealth in the US more than doubled, though most of that growth was experienced by the wealthiest Americans. Individual Americans also started investing in the market in a big way.

But all was not as roaring as it seemed. Consumers were spending more than they could afford, and companies over-produced to keep up with the demand. Financial institutions became heavily involved in stock market speculation. In some cases, they created subsidiaries that offered their own securities. Brokers secretly sold their own stocks — what would be a clear conflict of interest today.

Still, the stock market stubbornly kept on climbing. That is, until October 1929, when it all came tumbling down.

The stock market crash of 1929

The stock market crash of 1929 wasn't a one-day event but rather a week of escalating panic. On October 24 — a day now known as Black Thursday — the markets opened a staggering 11% lower than the previous day. Investors who had caught on to the market's overheated situation had begun rapidly selling their shares, sending a shockwave through Wall Street.

The market rallied briefly, but share prices plunged another 13% the following Monday (aka Black Monday). Many investors couldn't make their margin calls. Panic caused more investors to sell, further accelerating the crash.

"The system fell back on itself like a house of cards," says Mitnick.

The stock market lost more than 85% of its value from 1929 to July 1932. The Dow Jones Industrial Average sank from a 381.17 high in 1929 to a 41.22 low in 1932.

Oversupply and overproduction problems

Mass production sparked the consumption boom of the 1920s, leading businesses to overproduce products. Even before the crash, businesses had to start selling goods at a loss.

A similar crisis was occurring in agriculture. Farmers were in debt during World War I after buying more machinery to boost production. However, in the post-war economy, they produced more supply than consumer needs. Land and crop values plummeted.

In turn, the price of agricultural and industrial products dropped, which decimated profits and hurt already over-extended enterprises.

Low demand, high unemployment

During periods of economic recession, consumers stop spending, which forces companies to cut production. With less output, companies start laying people off, raising unemployment.

A healthy unemployment rate in the US hovers between 3% to 5%. During the peak of the Great Depression, the unemployment rate peaked at 24.9% in 1933 — 12.8 million Americans out of a population of 125.6 million — and it was still as high as 17.2% in 1939 .

Banking failures and financial panic

Weak regulations had opened the way for wild speculation on stock exchanges. Being "in the market" was the "in" thing, but many investors weren't making choices based on research or fundamentals. Rather, they were just gambling that the stock would keep going up.

Even worse, many people bought shares on margin not realizing they'd be on the hook for the whole amount if the price fell. The result was inflated prices, with shares selling for more money than justified by their companies' actual earnings.

Moreover, the Fed followed the " liquidationist " policy of then-Treasury Secretary Andrew Mellon, in which the central bank stands aside and lets troubled banks collapse. Theoretically, a stronger, sounder banking system would emerge. The policy ended up taking out smaller banks, not necessarily bad banks. By 1933, 11,000 of them had failed, wiping out the savings of millions.

Ultimately, the decrease in the money supply led to deflation. That, in turn, caused sky-high increases in real interest rates, which choked off any chances of companies investing or expanding.

International trade and tariff policies

As demand declined, big business and agriculture, feeling the effect of cheap goods from abroad, lobbied for protection. The role of trade tariffs in the Great Depression negatively impacted the interconnectedness of global financial systems. Congress obliged with the United States Tariff Act of 1930, aka the Smoot-Hawley bill , which raised tariffs on foreign products by about 20%.

Multiple countries retaliated with their own tariffs on US goods. The inevitable result was a trade meltdown. In the next two years, US imports fell 40%.

No markets abroad. No demand at home. Small wonder that economic activity ground to a standstill.

The role of monetary policy

During the Great Depression and years after, blame initially fell on the private sector, with accusations that banks had recklessly depleted their reserves. However, a groundbreaking 1963 study by economists Milton Friedman and Anna Schwartz revealed that the Fed's monetary policy was largely to blame.

In 2002, Ben Bernanke, a Board of Governors of the Federal Reserve member, said as much . "I would like to say to Milton and Anna: Regarding the Great Depression. You're right; we did it. We're very sorry. But thanks to you, we won't do it again," Bernanke said in an address during Friedman's 90th birthday.

Federal Reserve's mistakes during the Great Depression contributed to the heady expansion. Interest rates were kept low in the early to mid-1920s, then increased after the crash, doubling in 1931 from their pre-crash levels. The idea was to discourage lending and borrowing by stopping the "wild speculating" that encouraged the market to bubble and burst.

Fiscal policies and unemployment

President Herbert Hoover's response to the economic crisis was tardy. A believer in minimal government intervention, which he called "rugged individualism," Hoover considered direct public relief character-weakening. He did eventually start spending and launched lending and public works projects. Still, according to many economists, it was too little, too late.

The severity of the Depression forced the government to take a more hands-on relief effort. Increased government spending through direct relief programs and infrastructure projects provided more jobs, while simultaneously helping struggling families access unemployment benefits and welfare. However, these programs were funded by controversial budget deficits aimed at re-stimulating the economy.

Banking reforms were also enacted to regulate financial institutions and prevent further reckless practices. Prior to the crash, bank deposits lacked protection and led to folks withdrawal ing their savings in a panic. Thus, policymakers created the Federal Deposit Insurance Corporation (FDIC) to reduce bank runs and restore trust in the banking system.

Concluding analysis: Lessons learned from the Great Depression

The new deal.

When Franklin D. Roosevelt became president in 1933, he quickly began pushing through Congress a series of programs and projects called the New Deal . How much the New Deal actually alleviated the depression is a matter of some debate, as production remained low and unemployment high throughout the decade.

But the New Deal did more than attempt to stabilize the economy, relieve jobless Americans, create previously unheard of safety net programs, and regulate the private sector. It also reshaped the role of government with programs that are now part of the fabric of American society.

Among the New Deal's accomplishments:

Worker protections , like the National Labor Relations Act, which legitimized unions, collective bargaining, and other employee rights
Public works programs , aimed at providing employment via construction projects — a win-win for society and individuals
Individual safety nets , such as the Social Security Act of 1935, which created the pension system still with us today, and unemployment insurance

A legacy of government regulation

New Deal legislation ushered in a new era of government regulations — and the underlying concept that even a free-enterprise system can use some federal oversight. Milestone measures include:

The Glass-Steagall Act of 1933 , which separated investment banking from commercial banking to prevent conflicts of interest and the sort of speculation that led to the 1929 crash (it was repealed in 1999, though some of its regulations remain in the Dodd-Frank Act of 2010)
The Federal Deposit Insurance Corporation (FDIC) oversees banks and protects consumer accounts, via FDIC deposit insurance
The establishment of the Securities and Exchange Commission (SEC) to oversee the stock market, create securities legislation, and protect investors from fraudulent practices

"The biggest legacy is a change in the view of government's responsibilities — that it should take an active part in addressing economic and social problems," says Aleksandar Tomic, program director of Master of Science in Applied Economics at Boston College .

The Great Depression — Frequently asked questions (FAQs)

Many economists and historians believe that the Great Depression could have been avoided, or at least mitigated, with better policy decisions and quicker government actions. Some economic downturns were inevitable due to excessive stock market speculation and consumer overspending.

The Great Depression lasted until 1939 when the US began mobilizing for World War II. The enactment of the New Deal and the increased wartime spending helped the US economy to recover as countries abandoned the gold standard and initiated more aggressive fiscal and monetary policies.

The Great Depression had a significant and lasting impact on global economies. The US raised tariffs on foreign products by about 20%, causing some countries to implement their own tariffs on US goods. The trade meltdown, severe deflation, and high unemployment affected not only the US but other countries, including Europe, Japan, and Latin America. The interconnectedness of global financial systems suffered a major blow, leading to significant political changes in many countries.

The social consequences of the Great Depression devastated everyday people who faced widespread panic amidst increased homelessness, poverty, and a loss of savings due to bank failures. Families struggled to afford basic necessities like food and shelter. Soup kitchens and bread lines were common as economic hardship led to significant unemployment and financial insecurity.

Could the Great Depression happen again?

"The highest unemployment rate since the Great Depression" screamed headlines in April 2020, when the jobless level hit 14.7% of the US population. Since the initial spike, unemployment rates have dropped back to healthy rates, sitting at 3.9% as of February 2024 .

January 2024, the S&P 500 reached its first record high in two years and officially became a bull market after its low point in October 2022. Amidst the AI boom, mega-cap tech stocks like Nvidia have surged more than 264% and are expected to keep growing.

The Feds raised interest rates back in 2022 to stem rising inflation . But with inflation receding and after its December 2023 meeting, the US Federal Reserve will likely be cutting interest multiple times by the end of 2024.

Though there's by no means a consensus, many economists argue that another such catastrophe, at least one caused by internal factors, is unlikely. That's largely because the contemporary federal government can draw on many more policy and monetary tools, ranging from unemployment compensation to easing the money supply.

As, indeed, it has done. Take the Great Recession of 2007 to 2009, for example. It, too was kicked into high gear by a financial-market crisis, the subprime loan meltdown. But the Fed quickly slashed interest rates. And thanks largely to a massive government bailout of the banking, insurance, and automobile industries and an $800 billion-plus stimulus package, the downturn officially lasted less than two years. The economy recovered — albeit sluggishly — and eventually sparked a record-breaking bull market.

Though economic downturns may trigger memories of the Great Depression, nowadays, says Brad Cornell, managing director of Berkeley Research Group, "we know enough and can respond quickly enough so that these sorts of endogenous downward spirals are not going to happen again."

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Main content

Essay on Money

Money is a significant part of human civilisation. It is difficult to think about the world without money. Everybody needs money for various purposes, starting from day-to-day transactions to savings for the future. But if we go back to history, we will find that before money came into existence, there was a barter system to facilitate transactions among individuals in society. With the development of civilisation over time, the barter system lost its ground and was replaced by money. This essay on money will provide ideas to students so they can effectively write essays on this topic. They can also check out the list of CBSE Essays to practise more essays on different topics and boost their writing skills.

500+ Words Essay on Money

Money is any object or record that is generally accepted as payment for goods and services and repayment of debts which also acts as a standard of deferred payments. The main functions of money are distinguished as: a medium of exchange, a unit of account and a store of value. The money supply of a country consists of currency (banknotes and coins) and bank money. Bank money usually forms the largest part of the money supply.

With the help of money, we can fulfil our dream. We can go on trips to various places, eat tasty food, buy a beautiful house and can buy any luxury items. Many businessmen earn a lot of money by making profits from their businesses. They provide services or make products that people need and make money from them. Now, there are many industries and startups which have set up their business and gained success. But still, there are many people who use illegal modes to earn money and become a part of corruption.

Significance of Money in Economy

Money plays an important role in shaping the economy of any country. Money can stimulate or even hamper economic progress. Money affects the income, output, employment, consumption and economic welfare of the community at large. Money through its purchasing power increases consumption and, as a store of value, increases investment, and employment and leads to economic development.

Demonetisation in India

The Prime Minister of India, Narendra Modi, announced demonetisation on 8th November 2016, where Rs 500 and Rs 1000 notes were withdrawn from circulation. It was a major event of the year 2016. The demonetisation decision was taken by the Government in consultation with the RBI. The action was taken to tackle Black Money which is available in various forms like cash, investment in property and real estate, luxury goods like jewellery or with foreign currency dealers and private financiers. The target was to curb the use of black money.

The other motto of demonetisation was to reduce corruption. With demonetisation, the cash in the hands of corrupt people becomes useless, and if the same is deposited in the banks, it loses anonymity, and the person has to pay taxes on the said amount.

The demonetisation also helped in promoting digitalisation through online transactions. A large section of the Indian economy was being run on the cash system, which does not get captured by the tax department as it does not leave any trail. So, the Government thought about promoting digitisation and formalisation of the economy through online transactions, e-wallets, and various payment instruments like Paytm, Rupay cards, the BHIM app etc. The beauty of these instruments is that the entire economic activity gets captured. It reduces tax evasion and improves tax collection.

Students must have found this essay on money useful for improving their essay-writing skills. They can get the study material and the latest updates on CBSE/ICSE/State Board/Competitive Exams, at BYJU’S.

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Israel's foreign ministry rejects ICJ's 'fundamentally wrong' opinion

Israel's Foreign Ministry has "rejected" the ICJ's advisory opinion, describing it as politically biased and "completely detached" from reality. The statement criticized the ruling for "ignoring" the atrocities committed by Hamas on October 7.

The ministry also noted that the opinion "contradicts" the principle that peace can only be achieved through "direct negotiations," accusing the Palestinian Authority of attempting to undermine Israel through international tribunals.

Furthermore, Israel emphasized that the "blatantly one-sided" opinion is advisory and not legally binding, reiterating its "commitment" to the rule of law and international law.

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"Israeli settlements in the West Bank and East Jerusalem, and the regime associated with them, have been established and are being maintained in violation of international law," President Nawaf Salam said, reading the findings of a 15-judge panel.

ICJ finds Israeli occupation of Palestinian territories 'unlawful,' must end presence

Icj says 'any impediment of ending occupation must come to an end', icj says 'evacuation of all settlements and dismantling of walls, return of all those who were displaced as result of occupation to their homes' is needed, icj deems israeli occupation of palestinian territories illegal, says israel must make reparations for damages caused, icj finds israel must make reparation for damages caused by west bank occupation, head of knesset foreign affairs and defense committee: icj is 'hijacked by islamists,' encourages terrorism, click the alert icon to follow topics:.

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Palestinian Authority Fails to Arrest Top Islamic Jihad Official in West Bank

Senior israeli negotiator says netanyahu knowingly creating crisis in cease-fire talks, u.k. won't pursue int'l criminal court challenge to netanyahu arrest warrant, arson attacks hit france's train network hours before olympic ceremony, israeli soldier killed in southern gaza strip, learn how to optimize your home solar system, six years ago, this israeli rapper hoped my house would burn down. on oct. 7, it did, biden has let the israel-sanctions genie out of the bottle, biden has caught netanyahu in a political trap as he lands in washington, i told israelis about the tragedy of one gazan woman. the audience was shocked, with israel's first ever attack in yemen, the war takes a dangerous new turn, 'zionist-free zone': israelis are increasingly unwanted at global tourism sites.

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A LEVEL ENGLISH LITERATURE: "Othello" a bank of essay questions

Subject: English

Age range: 16+

Resource type: Assessment and revision

Last updated

17 July 2024

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Essay on Bank: Origin, Meaning and Functions | Banking

Origin and Development of Bank:

Meaning and Definition of Bank:

Classification of Banks:

1. Commercial Banks:

2. Industrial Banks:

3. Exchange Banks:

4. Co-Operative Banks:

5. Land Mortgage Banks:

6. Central Bank:

7. Saving Banks:

8. Indigenous Banks:

9. Regional Rural Banks:

Functions of a Bank:

1. To Receive Deposits:

2. To Lend Money:

3. Agency Functions:

4. Other Functions:

Advantages or Importance of a Bank:

1. To Cultivate Habit of Saving:

3. Facility in Making Payments:

4. Collection of Cheques, etc.:

5. Securing Loans and Overdrafts:

6. To Provide Credit Information and Letter of Credit:

7. Safety of Valuable Articles:

8. Representation and Correspondence:

9. Sale and Purchase of Securities:

10. Other Services:

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Essay on Bank

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Essay 3 (500 – 600 Words) – Types of Banks

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