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Retail banking, also known asconsumer banking orpersonal banking, is the provision of services by abank to thegeneral public, rather than to companies, corporations or other banks, which are often described aswholesale banking (corporate banking).
Banking services which are regarded as retail include provision ofsavings andtransactional accounts,mortgages,personal loans,debit cards, andcredit cards. Retail banking is also distinguished frominvestment banking orcommercial banking. It may also refer to a division or department of a bank which deals with individual customers.[1]
In the U.S., the termcommercial bank is used for anormal bank to distinguish it from aninvestment bank. After theGreat Depression, theGlass–Steagall Act restricted normal banks to banking activities, and investment banks tocapital market activities. That distinction was repealed in the 1990s. Commercial bank can also refer to a bank or a division of a bank that deals mostly with deposits and loans from corporations or large businesses, as opposed to individual members of the public (retail banking).
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Typical banking services offered by retail banks include:
In some countries, such as the U.S., retail bank services also include more specialised accounts, such as:
Data related toRetail banking at Wikidata
