A bank, also known as a bank or bank, is a company that operates commercial banking operations and operates clients in the banking business. Big banks, savings banks, Volksbanks and Raiffeisen banks and private banks are credit institutions. As early as the 13th century, the first credit institution was said to have existed in Europe, namely in Florence.

The business areas of a credit institution include lending services, monetary stimulus, payments, economic functions and securities transactions. Common business areas include lending and savings management. These two pillars of business are also the main task of many banks. Clients of a credit institution are private and corporate customers, states and local authorities and credit institutions themselves. The Banking Act establishes the legal basis of credit institutions. In 2007, HSBC, Citigroup and the Bank of America were among the largest credit institutions.

Among other things, people can open a checking account. These are not just for adults, because credit institutions also always have special offers for a checking account for young people and students. On this then deposits can be made and business transactions, such as transfers, debits and direct debits are made through the current account. Furthermore, a credit institution is responsible when a loan or loan is needed. Customers can submit an application which is processed and possibly approved by the bank.

Banks have different conditions, requirements and laws that they and their customers must adhere to in order for bank transactions to be final. The banks also have conditions for individual banking transactions. These can be, for example, the general loan terms. The terms and conditions are also part of this and are the same in all major banks. If banking transactions are made or contracts are concluded, the customers must accept the terms and usually also sign. Credit institutions are obliged to display the terms and conditions in the store and make them accessible to everyone. If a customer wants to have a copy for his documents, he can also receive this from the bank.

The term “credit institution” is basically not the same as the term “bank”, because a bank is considered to be a generic term for bank, savings bank, etc. Credit institutions have different legal forms: they are either a public-law institution, for example the savings banks or a corporation of public law, for example Landesbanken.


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