Retail banking is also referred to as mass market banking and retail banking services are also referred to as personal banking services.
Some banks which may be labeled as retail banks may also offer other banking services. Examples of these are investment services, wealth management, retirement planning and brokerage accounts. These services are often outsourced for regulatory reasons. However, since these are offered by retail banks they are able to be maintained and money can be easily transferred into these accounts. Retail banking services are often offered by commercial banks as well as smaller community banks. Some retail services are offered to small and medium sized businesses.
A credit union is another form of retail bank which is nonprofit organization owned by the members. Membership is limited to people who share a common bond. Credit unions typically offer the same type of retail banking services as more traditional public retail banks. However, some retail banking services may not be available through a credit union as they do not have the same volume of business as these larger retail banks.