The Venus Community Bank
Your trust bank all through your life.
What services do we offer?
Banks are places where money can be borrowed or lent, so we can say banks act like "money stores". By using these services, customers are able to do three things:
- Store Money: Customers can deposit their money in the bank, and the bank stores currency and other valuables, insured against theft and loss.
- Earn Money: When costumers deposit their money in bank accounts, they can earn money on their deposits because they are paid a rate of interest.
- Borrow Money: Banks also allow customers to borrow money through the practice of fractional reserve banking. Customers usually borrow money using loans, such as mortgage or the use of credit cards. When you buy something using a credit card, the bank pays the seller, and lends you the money; but you have to repay the loan. If not, you'll owe the bank extra in interest.
What functions does money perform?
Medium of Exchange
Money is the means through which goods and services can be exchanged. Economic transactions are made using money.
Standard of Value
Money is the yardstick of economic worth in the exchange process. It allows people to measure the relative costs of goods and services
Store of Value
Money is something that holds its value over time. People don't need to spend all their money at once, or in one place; they can put it aside for later use.
Which are the types of money?
Commodity Money
Commodity money derives its value from the type of material from which it is composed. Apart from their value as money, items used as commodity money have value in and of themselves. It is rarely used today.
Representative Money
Representative money is paper money that can be exchanged for something else of value. It was first seen in the Middle Ages, and has been spread until today.
Fiat Money
Fiat money has value only because the government has issued a fiat saying it can be used as money. It can only be converted into any other combination that also equal the value stablished by the government. The main role of the government in this issue is to control the supply of money, and maintain its scarcity.
How to contact us?
Monday - Friday: 9am-1pm
Saturday: 11am-1pm
Sunday: Closed
Email: venus@communitybank.com
Website: venuscommunitybank.com
Location: 123 Main Street, Watertown
Phone: (206)-555-1234