Transcription of Banking 101: Understanding the Basics COPYRIGHTED …
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Banking 101: Understanding the Basics COPYRIGHTED …
CHAPTER 1 Banking 101: Understanding theBasicsAfter reading this chapter, you will be able to: Understand the origin of Banking and how it has evolved. Explain the role of banks in the creation of money. Discuss the essential elements of electronic Banking andfunds transfers. Recognize the role of banks in financial intermediation. Describe the range of products and services offered bybanks. Understand how financial products and services satisfy theneeds of MATERIALWhat Is a Bank?Abankis defined by Merriam-Webster s online dictionary ( ) as an establishment for the custody, loan, ex-change, or issue of money, for the extension of credit, and for facilitatingthe transmission of funds. While they are simple to describe, the roles of banks, bankers, andbanking are for some not as simple to understand. Banking can be defined as the business of Banking , a vibrantbusiness that continually evolves to meet the latest financial needs andeconomic conditions.
The development of money was a significant advance over barter as a payment system. But today we have extended the concept of payment systems way beyond the original concept of money. One of the first steps into more sophisticated payment systems was the development of checks and checking accounts. Banking 101: Understanding the Basics 2
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