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Universal banking services are more common in European countries than they are in the nations that comprise North and South America. Restrictions on banking services in Europe determine what services financial institutions can and cannot offer.
What services a bank can offer does not change what the term means. Basically, universal banking means that a bank offers a wide range of investment and lending services. Banks can help a person’s portfolio, offer investment advice, and do offer the same items that most people associate with their banks. Checking accounts, savings accounts, and even certificates of deposit are common.
Universal banking is a good idea for a person who does not want to deal with several different institutions for al their financial needs. Universal banking institutions do not offer the same level of service that more specialized firms do. Offering the services in the same place also reduces the amount of travel required for a person to get investment advice.
Stock brokers may not be considered part of a person’s banking, but if they belong to a bank they have to worry about more than just making a profit for their clients and getting a small firm for themselves. The banks must also follow the regulations set by the bank, which may or may not be in the best interests of the bank’s consumers.
On the other hand, placing all the services into one area makes it easier for investors to use their money to diversify their portfolio. A person can leave it with the bank’s personnel and have it go into the stock markets, certificates of deposits, and his savings and checking accounts.
If a person wants to know if his bank offers universal banking services, all he has to do is ask to find out. Many banks in the United States have extended their services to further appeal to their customers. If the bank does not offer the services, an individual employee might be able to steer a person in the right direction for good investment advice.
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