Public Online Banks - What you need to know

There’s a big difference between public online banks and private banks. Whereas private banks are owned by individuals who are out to make profits; public banks have the government as the main stakeholder. This means that the government holds more than 50% of the bank’s shares. The rest of the shares are owned by members of the public. The services these two types of banks offer may also vary, depending on the banks mandated operation capacity and the kind of customers that visit them. The following are some of the characteristics of online public banks:

1. Most offer basic social services. Many online public banks are not out to do business. Most of the services they offer include social welfare funds, retirement benefits and government grants. This means that people are not allowed to open their own personal accounts in these banks. The services offered by these online banks are just their responsibility towards you as the citizen.

2. Are development focused. Many online public banks look for groups which have an agenda that focuses towards improving the country’s living conditions. The groups often consist of women and youths, but there are also special groups such as groups for disabled people. Public banks may be willing to give out loans to these groups provided they write a very convincing proposal to the bank. And in the case of online public banking the proposal can be submitted online.

3. Good customer care service. Online public banks should not be run in a way that all the customer deals with is a computer. The computer has a tendency to make some mistakes, and in such a case you as the customer may require to sort out some issues with a real person.

In conclusion, an online public bank should make your interactions with the state more efficient.

Topics:
public online banks, public online bank, private bank, banks shares
Related:
about online banking, online bank account, treasuryhunt.gov, www.primericaonline.com