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Personal Banking
A type of banking that provides financial services to individuals, such as checking and savings accounts, loans, and investment management.
More Details
Personal banking refers to the financial services and products that are designed for individuals and households, rather than businesses. Personal banking services can include checking and savings accounts, credit cards, loans, and other financial products that are used for personal or household purposes. Personal banking is typically offered by banks, credit unions, and other financial institutions.
Example
Imagine that you are looking for a financial institution to handle your personal banking needs. You might consider opening a checking and savings account at a local bank or credit union. These accounts would allow you to deposit money, withdraw cash, and make payments using a debit card. Personal banking services can be a convenient way to manage your finances and can help you to save and borrow money for a variety of purposes.
Related Terms
Statement Period
The length of time covered by a bank or credit card statement, typically one month, used to determine which transactions are displayed.
Credit Union
A cooperative financial institution that is owned and controlled by its members, who are also its customers.
Debt-to-Income Ratio (DTI)
A measure of how much of an individual's monthly income is consumed by debt payments.