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What is function of bank |
| Answer» Functions of bank:\t\xa0Receive deposits - take money in from individuals and businesses (called depositors)\tDisburse payments - make payments upon the direction of its depositors, such as honoring a check\tCollections - a bank will act as your agent to collect funds from another bank payable to you, such as when someone pays you by check drawn on an account from a different bank\tInvest funds in securities for a return\tSafeguard money - banks are considered a safe place to store your wealth\tMaintain and service savings and checking accounts of its depositors\tMaintain custodial accounts - accounts controlled by one person but for the benefit of another person, such as a trust account\tLend money | |