What are the function or classification of banks???

Answer 1

I'm not exactly sure what you mean by "classification" of banks, but there are definitely a variety of banks out there.

For example, there are:

1) Commercial banks, which are your largest and provide all financial services--checking and savings accounts, loans, investments, lines of credit, etc.

2) Savings banks focus primarily on mortgage lending.

3) Credit unions are member-only banks, meaning their customers are limited to a certain group of people. For example, BECU (Boeing Employees Credit Union) is a bank just for Boeing Employees.

And as for what banks do, their main job is to provide loans. They take their depositors' money, pool it together, and then use that money to lend out for various things like personal loans, car loans, home mortgages, etc.

Answer 2

Function of banks.... hmm... as financial institutions they support our economy, since the dollars aren't "in" the bank but supporting persons and businesses from small communities to large cities. Ma & pa get their house mortgage... the Mr Everyone's Gas Station gets a business loan... towns get loans...

It supports government through selling bonds.

Classification???? financial --- not sure what you mean by class....