Different Types of Financial Services

Banking, construction loans, small business loans, retirement accounts, credit unions. With all these, and other, financial terms and the services to which they refer to out there, one begins to wonder if middle schools and high schools should begin offering courses in Banking 101 as part of their curriculum. Certainly, the first two topics alone would take up a full school year.

It really isn't necessary, however, for one to have an accounting degree, or even that much of an accounting background in order to have a rudimentary understanding of financial services. Often, simply walking into a financial institution will allow one to pick up brochures and other publications which can put it all into perspective.

The term financial services most often brings to mind the more simpler aspects, of banking especially, such as checking and savings accounts (which may or may not include retirement accounts). As everyone knows, though, there are other areas of financial services.

Construction loans, for example, may come through a bank, or they may be obtained through other financial institutions. In fact, some banks have built their reputation on the fact that they deal primarily with such loans, although they certainly offer loans for other things. Small business loans can be acquired through government financial services, such as the Small Business Administration.

Retirement accounts can, of course, be opened in a regular bank, or one may choose to utilize the services of a credit union. Unlike banks, credit unions require that its patrons be members of that particular financial institution.

Membership may be "open"; that is, anyone can join, which other credit unions will only offer their services to employees of certain companies or businesses. The Navy Federal Credit Union Navy Federal Credit Union, as its name implies, serves those who are or once were members of the U. S. Navy. Even if membership is considered "closed", however, relatives of members are usually welcome to join.

The services are out there, and, again, it does not take a financial "wizard" in order to access the availability of all these institutions have to offer. One only need to open the door to any one of the many branches of banks, and, yes, credit unions, to find out anything they wish to know. Once the first step has been taken, it is almost always smooth sailing the rest of the way.