Commercial banks are financial houses/institutions where individuals, government and organizations keep their money and other valuable securities for safety. The banks in return lend out money to individuals, government and organizations who need them for one reason or the other, usually for business.
Commercial bank can be defined as a financial institutions which carries out retail bank services by keeping lending money to people, for the main purpose of making profit.
Examples of commercial banks are: First Bank of Nigeria, Union Bank, Eco Bank, Keystone Bank, Fidelity Bank, GTB, Diamond Bank etc
Services Provided By The Banks:
1. Accepting Deposits
2. Lending Money
3. Agents Of Payments
4. Agency Services
5. Issuing Of Overdraft
6. Issuing Of Travelers Cheque
7. Safe Custody Of Valuable Materials
8. Issuing Bank Statements
9. Credit Cards
10. Cheque Cards
11. Money Transfer
12. Accepting Bills
13. Solves the Problems Of Foreign Exchange.
14. Cashless Banking
15. Accessing Account Online
Ethical Issues In Banking
The following are ethical issues in banking:
(1) Confidentiality: It is the duty of the bank to protect the image and financial records of all customers transactions. All financial records of a customer must be kept away from a third party.
(2) Bank Staff: Every staff in a bank is expected to carry his/her duties effectively without showing interest to a particular person or group of person. The staff must know that his/her loyalty is to the bank.
(3) It is an offence for a staff to Steal from the bank or engage in any fraud activity.
(4) Customers should never give false information to the bank. They should tell the truth at all times
(5) Customers account must not be tampered with any way. Also, it is unethical to short pay a customer, This happens at times.