Banks

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Banks

  1. 1. BANKS
  2. 2. How Banks Work Any type of financial institution where you may deposit money. Consumers look to banks as secure places to save money, obtain credit (borrow money), and withdraw cash.
  3. 3. What is Interest? Interest – a fee paid for the opportunity to use someone else’s money over a period of time. E.g. you borrowed 1,000 euro at an interest of 1%. At the end of the year, you pay the bank 1,010 euro. 10 euro is the interest you pay to the bank for borrowing money. Can it be good or bad?
  4. 4. What do Banks Offer? Savings account Loans Checking accounts Safe deposit boxes Investment and financial planning
  5. 5. What do Banks Offer? Cards services – debit and credit cards Online banking Electronic payment
  6. 6. 3 Functions of Banks Accept money Transfer Money Create Money
  7. 7. Types of Deposits – Demand deposit – checking account – Time deposit – savings account

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