Download - Introduction to commercial banks
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Introduction to Commercial Banks
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Banking A commercial bank is a business that
provides financial services to personal and business customers
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Other Financial Institutions
An Post
Building Societies
Credit Unions
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Services offered by Banks Money Withdrawal Money Transfers Savings Loans/Mortgages Foreign Exchange 24- hour Banking Night Safe
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Current Account An account for day-to-day banking
An account into which a person puts money so that payments can be made by◦ Cheque◦ ATM◦ Laser card◦ Standing order◦ Direct debit.
Overdraft – withdraw more money than what is in the account
Fees may apply to transactions.
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Deposit Account A savings account
An account into which a person deposits any money they want to save, any money left over at the end of the month
Account holders receive interest on savings
But must pay tax on this interest (DIRT)
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Steps in opening a bank account
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Automated Teller Machine (ATM) allows money to be withdrawn from your account
How to use an ATM
ATM
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On-Line/24 Hour Banking
Banking over the telephone or on the internet, 24 hours per day, 365 days per year.
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On-Line/24 Hour Banking (continued)
Facilities include: checking your account balance transfer money between your accounts transfer money to other accounts, i.e. pay bills apply for a bank loan, a bank overdraft or a credit
card
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On-Line/24 Hour Banking
Access to on-line banking is through a customer identification number and a password.
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A deposit slot on the outside of a bank allowing money to be deposited into the bank's safe outside of bank opening hours e.g. at night
Night safes
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Banking Facitilities