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Introduction to commercial banks
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Introduction to commercial banks



Published in Economy & Finance , Business
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  • 1.  A commercial bank is a business that provides financial services to personal and business customers
  • 2.  An Post Building Societies Credit Unions
  • 3.  Money Withdrawal Money Transfers Savings Loans/Mortgages Foreign Exchange 24- hour Banking Night Safe
  • 4.  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.
  • 5.  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)
  • 6.  Automated Teller Machine (ATM) allows money to be withdrawn from your account How to use an ATM
  • 7. On-Line/24 Hour Banking Banking over the telephone or on the internet, 24 hours per day, 365 days per year. 8
  • 8. 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 8
  • 9. On-Line/24 Hour Banking Access to on-line banking is through a customer identification number and a password. 8
  • 10.  A deposit slot on the outside of a bank allowing money to be deposited into the banks safe outside of bank opening hours e.g. at night