What is a Commercial Bank?
A commercial bank is a profit-seeking financial institution that accepts deposits from customers for a lower interest rate. It uses that money to provide business loans at a higher interest rate. Commercial banks also offer merchant services, treasury services, mortgages, credit, and debit card services. ( wall street mojo and Invest )
Advantages of a commercial bank
- They provide timely financial assistance.
- The loans are provided with many simple formalities.
- Less chance of fraudulent activity.
- Safety for money and valuables.
Disadvantages of a commercial bank
- Higher costs charged for nearly every service
- Funds are only available for a significantly less amount of time.
- Higher rate of interest
- Complex terms and conditions
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