5. BANKING
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Initialisms VS Acronyms
Acronym contains a set of initial
letters from a phrase that usually form
another word (such as VAT,GAAP or
SEC).
Initialism are abbreviations that are
pronounced one letter at a time such
as CPA and COO
9. Their slogan “You're in Good Hands” serves as
a symbol of Metrobank's vision as the best
bank for stakeholders, extended to their
customers and the community.
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Customer service is at the heart of LANDBANK's operating
ethos. Its simple tagline of “We help you grow” says much
about the bank's role in looking after its customers, while
promoting their welfare through focusing on growing their
investments, businesses and savings.
13. Making the best happen means “helping people
achieve anything they would love to happen, whether
it's for leisure, education or broadening ...
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15. OBJECTIVES:
You are expected to do the following:
• Identify the types of bank accounts normally
maintained by a business. ABM_FABM12-
IIc-5
• Differentiate a savings account from a current
or checking account. ABM_FABM12-IIc-6
• Prepare bank deposit and withdrawal slips.
• Value the importance of having a bank
account
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Types of bank accounts
Banks have two basic
types of accounts:
• current accounts
• savings accounts
Each bank may have its
own names for types of
accounts within these
categories but the basic
principles remain the
same.
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Savings accounts
The most common and
typically the first bank
account that Filipinos
open, a savings account
is used to save money for
meeting short-term or
long-term financial needs,
such as for investments,
emergencies, and future
purchases.
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Cashpoint cards allow you
to withdraw money from
your current account at a
cashpoint- sometimes
referred to as an ATM
(Automated Teller
Machine).
•This provides easy, round
the clock access to your
money.
•A cashpoint requires a
Personal Identification
Number or PIN to access
the account.
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Cashpoint cards
•This is a four/six digit code
which you will need to
memorise and keep secret.
•It is also possible to
withdraw money from
cashpoints provided by
other banks but be aware
that some charge you for
doing this.
• You cannot use cashpoint
cards to purchase goods in
shops or over the internet.
23. Time Deposit
A time deposit is an interest-bearing
bank account that has a pre-set date of
maturity. A certificate of deposit (CD) is
the best-known example. The money
must remain in the account for the fixed
term in order to earn the stated interest
rate.
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Current accounts
A current account (also known as checking
account) is used for regular and frequent money
transactions like paying bills, tuition, and rent.
Government agencies and commercial banks in
the Philippines require this type of bank account
for repayment of personal loans or housing loans
through post-dated checks. Businesses and non-
profit organizations also use it to manage their
cash flow efficiently.
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If you’re going to open a bank
account and you’re exploring your
options, know the benefits and
drawbacks of a savings account vs. a
current account. This will help you
decide which type of bank account
suits your requirements, so you can
save more and spend less.
FRIENDLY REMINDER
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On January 2019, your mother
opened a current account with a
CA# 0715-0010-3654 at BDO. She
needed to withdraw P57,800 to pay
Sunrise Limited in cash for the
supplies delivered. She cannot go to
the bank and sent you instead. Help
fill out her withdrawal slip.