The concept of Savings bank It can be used in different ways. In some countries , a type of savings bank is called Bank account .
A savings account, in this sense, is an account in which the customer deposit your money for the bank to save and pay interest on the amount deposited. Saying money It is available to the user, who can remove it from the savings account at any time.
These savings banks may have different linked products and services, such as debit cards , Credit cards and electronic banking . The holder of the savings bank can also deliver the number of the box to other people to make deposits to that account or make a money transfer.
A translator who offers his services independently, for example, it can be managed with a savings account to collect their jobs. When he receives an order, in this way, the translator sends the data from his savings account so that the contractor can deposit or transfer the agreed fees.
Unlike the checking account, the savings account does not allow you to have checks or use more money than is available in the balance. The holder of a checking account, on the other hand, can make an overdraft, which implies contracting a debt.
When you talk about savings bank, with the last term in the plural, reference can be made to a lender which is aimed at financing small Business and to family groups. These savings banks have a social purpose and lack profit motive.
The savings bank, being a entity Credit is part of the same group as credit unions and banks. However, it has certain well-defined characteristics that differentiate it from the other components; For example, while banks are public limited companies, the nature of savings banks is foundational, which is why they are required to allocate a portion of their income for social purposes.
Another example of the obligations that savings banks have in contrast to those of a bank or a credit union is that in the highest governance body, the Assembly In general, they must be represented by founders, interest groups, public administrations, employees and impostors. In addition, the nature of the savings bank is strongly territorial.
In Spain, savings banks are entities that enjoy it freedom than the other financial entities to carry out their operations. Although their purpose is social, they work based on market criteria. After the financial crisis that took place in 2008, the sector had to undergo a process of restructuring and concentration, and in a short time almost all the savings banks disappeared, except for two: Colonya, Caixa Pollença and Caixa Ontinyent.
The regulation Savings banks in Spain are in charge of the Savings Banks and Bank Foundations Law, and their creation is governed by Decree 1838/1975. Similarly, the regulations that refer to infractions, penalties and own resources, among others that apply to credit institutions, directly affect them.
In the past, the Spanish Confederation of Savings Banks was the point at which these entities were grouped, although after the enactment of Law 26/2013 the entities of credit and bank foundations. Until 2009, 96.3% of the Spanish population had at least one branch in their place of residence.