Why Are Banks Important?

Photo Courtesy: YinYang/Getty Images

Most individuals and businesses today have some type of banking account. Having a trusted financial service provider is important as it is a safe place to hold and withdraw earned income. There are other financial services that banks provide as well that could be helpful to growing a financial portfolio.

Ultimately, banks are also critical to driving the economy through consumer and business loans and the interest rates charged on those loans. Let's take a deeper dive into how banks work and the services they offer.