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In essence, a bank is designed to be a safe place to keep your money. If you keep it at home instead, there is a greater chance that it is going to be lost or stolen. But that is just how banking begins. Once the bank has lots of money, it can make loans to people and earn interest. It can also pay interest to depositors. It can create new and more convenient ways to pay for things, such as by check, money order, bank wire, automatic deposit/withdrawal, or credit card. It can exchange one form of currency for another, making international commerce or travel easier. Banks are involved in various forms of investment such as in the stock market, and have special retirement savings accounts with tax deferment features. Banks therefore become a part of all aspects of financial planning and management.
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