There are various bank sectors that make up our economy. The the banking sector is one of the places that make up the economy. Banks have been in existence for quite some time, and they have been useful to us over the years. Banks can be defined as the financial institutions that mainly deal with cash. The banks help people to be able to store their cash in the most appropriate way. We can be able to see that the banks have some of the key roles in our midst. The banks serve us with some of the unique functions from other sectors in the economy.
One of the functions of the banks is that they are custodian of the people’s cash. The banks store the cash on behalf of the clients at any given time. The bank can be able to do this by the fact that it has a good system which allows people to be able to deposit and withdraw cash at any one given time. Being able to advance loans to clients is also another key function of the banks. The main function of the bank can be said it is to issue loans to the clients. The the bank is always able to advance some loan to the client provided that the client can get back the money at an agreed period.
The bank being a business is also able to raise some cash from the credit activities. The banks can always be able to get income by being able to get the interest from the loans advanced to clients. Another function of the banks is that it can always be able to make some transactions on behalf of the clients all the time. The bank can be able to get the cash from the account of the client so that it can be able to effect some transaction on behalf of the client. Another key function of the ban is that it can be able to store the valuables on behalf of the client all the time.
The valuables may involve the precious jewels or even the documents that are important to a person. The bank can be able to provide safe custody for such valuables until the person is in need of them. The bank is also in apposition to offer clients with some financial advice all the time. This is especially the case where one need the right kind of investment advice so that he can be able to make the right decision. The bank can always be able to do this by the use of the qualified staffs that it has.