Banking Essay

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Student Name: Jay Carlile Banking and Finance: Chapter 1 The Business of Banking Lesson 1.1 Introduction to Banking Activities: F—Group Discussion about personal experiences with banks and other financial institutions: What do you know from your own life? Post your response to the forum and thoughtfully respond to three other students. ? What is a bank? A finacial intermediary for the safegaurding, transferring, exchanging, or lending of money. ?Why is banking a unique business? Banks distribute the medium of change. D—medium of exchange an agreed upon system for measuring value of goods and services D—financial intermediary a place or person that safegaurds, transferers, excahnges, or lends money. ? Three types of banks: 1) Commercial 2) Retail 3) Central D—merger and find examples of recent mergers within the banking industry Merger – when one or more banks join or acquire another bank or banks. Bank of America and Merril Lynch. ? What role is technology playing in the banking industry? Technology allows us as consumers to check our balance, balance our check books or use or access our money at any time. ? What three factors in modern banking have changed the industry? ATM’s/computers/smart cards wityh microchips ? In what ways is a bank like any other business? In what ways is it different? It’s out to earn a profit, but the way it earns profit is soley through a service or transferring loaning, ect of money. ? Name three ways you interact with your own bank. How has technology changed the interaction between the bank and the customer? By getting money from my checking account, depositing money, or picking up some free candy near the bank tellers . ATM’s/computers/smart cards wityh microchips ? Why do governments regulate banks? They’re dealing with other people’s money $$ Banking Math: In international banking, exchange rates are used to

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