This document provides an overview of common bank accounts and services. It explains the basic types of accounts (current and savings), common services like debit cards and cashpoint cards, how to write and use cheques, direct debits and standing orders for regular payments, obtaining and reporting lost bank cards, getting statements and checking transactions, and earning interest. The document is intended to help readers understand basic banking terminology and services.
Methods of payment
This document summarizes various methods of payment including cash, checks, bank transfers, debit/credit cards, and online payments. It discusses the key functions of money as a medium of exchange, unit of account, and store of value. Regarding payment instruments, it describes how checks, bank drafts, direct debits, and wire transfers work. The differences between debit and credit cards are outlined, noting that debit cards deduct funds from your bank account while credit cards provide a line of credit. Finally, it briefly discusses online payment options like PayPal and Bitcoin.
The document discusses electronic banking and provides information about various types of electronic funds transfers. It defines electronic banking and describes several common electronic banking services including ATM use, direct deposit, bill payment, and point-of-sale transfers. It also compares different types of electronic currency such as check cards, smart cards, and digital cash/checks. Additionally, it outlines consumer protections provided under the Electronic Funds Transfer Act and discusses steps consumers should take if they experience problems or errors with electronic banking transactions.
Accepting card payments means never turning away a customer again. However, too many small business owners are missing out because they don't know where to get started. This free guide explains all you need to know to get going with card payments for your business.
The document provides information on various debit cards issued by State Bank of India (SBI). It discusses the features and uses of different SBI debit cards including the Classic, Silver International, Global International, Gold International, Platinum International, SBI INTOUCH Tap & Go, and Mumbai Metro Combo cards. The key details provided include cash withdrawal limits, accepted locations for use, available benefits like insurance and rewards points, and security precautions for safe debit card transactions.
This document provides information about using banking products for your benefit. It discusses credit cards, including their features, dos and don'ts, variants, and how to use them to your benefit. It also covers personal loans, their features, dos and don'ts, variants, and how to use them for your benefit. The document aims to educate people on different banking products and how to maximize savings and benefits while avoiding unnecessary expenses.
Q 1. Write a detailed note on the credit card payment system and how many parties and involved in this process?
Q 2. What is the difference between E-cash, E-money, and E-wallets?
Q 3 what are the main challenges faced by developing countries in the implementation of E-business?
Q 4 How you will start E-business? explain with your own example.
Q 5 Explain the role and importance of Social Media in E-business
Q 6 write a note on the planning and designing of a website.
This document discusses credit cards and debit cards in banking technology. It provides a brief history of credit cards dating back to ancient times and highlights key developments like Diners Club launching the first plastic credit card in 1950. It describes the different types of credit cards like bank cards, travel cards, and affinity cards. The document also outlines the credit card authorization and settlement processes between merchants, card networks and issuing banks. Additionally, it summarizes the economics of credit cards for issuers, acquirers and associated costs. Debit cards are also introduced along with their authorization process through debit card networks.
Methods of payment
This document summarizes various methods of payment including cash, checks, bank transfers, debit/credit cards, and online payments. It discusses the key functions of money as a medium of exchange, unit of account, and store of value. Regarding payment instruments, it describes how checks, bank drafts, direct debits, and wire transfers work. The differences between debit and credit cards are outlined, noting that debit cards deduct funds from your bank account while credit cards provide a line of credit. Finally, it briefly discusses online payment options like PayPal and Bitcoin.
The document discusses electronic banking and provides information about various types of electronic funds transfers. It defines electronic banking and describes several common electronic banking services including ATM use, direct deposit, bill payment, and point-of-sale transfers. It also compares different types of electronic currency such as check cards, smart cards, and digital cash/checks. Additionally, it outlines consumer protections provided under the Electronic Funds Transfer Act and discusses steps consumers should take if they experience problems or errors with electronic banking transactions.
Accepting card payments means never turning away a customer again. However, too many small business owners are missing out because they don't know where to get started. This free guide explains all you need to know to get going with card payments for your business.
The document provides information on various debit cards issued by State Bank of India (SBI). It discusses the features and uses of different SBI debit cards including the Classic, Silver International, Global International, Gold International, Platinum International, SBI INTOUCH Tap & Go, and Mumbai Metro Combo cards. The key details provided include cash withdrawal limits, accepted locations for use, available benefits like insurance and rewards points, and security precautions for safe debit card transactions.
This document provides information about using banking products for your benefit. It discusses credit cards, including their features, dos and don'ts, variants, and how to use them to your benefit. It also covers personal loans, their features, dos and don'ts, variants, and how to use them for your benefit. The document aims to educate people on different banking products and how to maximize savings and benefits while avoiding unnecessary expenses.
Q 1. Write a detailed note on the credit card payment system and how many parties and involved in this process?
Q 2. What is the difference between E-cash, E-money, and E-wallets?
Q 3 what are the main challenges faced by developing countries in the implementation of E-business?
Q 4 How you will start E-business? explain with your own example.
Q 5 Explain the role and importance of Social Media in E-business
Q 6 write a note on the planning and designing of a website.
This document discusses credit cards and debit cards in banking technology. It provides a brief history of credit cards dating back to ancient times and highlights key developments like Diners Club launching the first plastic credit card in 1950. It describes the different types of credit cards like bank cards, travel cards, and affinity cards. The document also outlines the credit card authorization and settlement processes between merchants, card networks and issuing banks. Additionally, it summarizes the economics of credit cards for issuers, acquirers and associated costs. Debit cards are also introduced along with their authorization process through debit card networks.
This document provides information about debit cards. It defines a debit card as a plastic card that provides an alternative payment method to cash by withdrawing funds directly from a linked bank account. The document outlines different types of debit cards including online debit cards that require electronic authorization for every transaction, offline debit cards that can be used like credit cards, and prepaid debit cards that are loaded with funds. It also discusses advantages like avoiding credit checks and limiting spending to available funds, and disadvantages like potential overdraft fees.
This presentation provides an overview of various banking products and services. It discusses the different types of banks and their core functions. It then examines several common banking products in India including deposits (current, savings, fixed, recurring), loans, cash credit, overdraft, credit cards, debit cards, ATMs, mobile/internet banking, demat accounts, and e-cheques. For each product, it provides details on what they are, the types that exist, their key features and benefits. The presentation is intended to educate audiences on the range of offerings provided by banks in India.
Economic offenses through Credit Card Frauds Dissectedamiable_indian
The document discusses credit card fraud, including types of fraud, statistics, and techniques used. It defines credit card fraud as theft carried out using stolen credit card information. Common methods for obtaining card information include skimming, theft, phishing, and buying/selling stolen numbers online. Fraudsters can then make unauthorized purchases or create cloned cards. The costs of fraud are high both for consumers through higher fees and merchants through chargebacks and lost business.
The document provides information about debit and credit cards from various banks such as UCO Bank, Dena Bank, and Bank of Baroda. It discusses the history and features of debit and credit cards. For each bank, it outlines the types of debit and credit cards offered, eligibility requirements, transaction limits, fees and charges. UCO Bank offers classic, gold, platinum and signature debit cards. Dena Bank offers ATM cards, insta cards, debit cards, EMV chip cards, and RuPay KCC cards for farmers. Bank of Baroda offers silver, gold and platinum credit cards with varying revolving credit limits and cash withdrawal limits.
A debit is an accounting entry that either increases an asset or expense account, or decreases a liability or equity account. It is positioned to the left in an accounting entry. A credit is an accounting entry that either increases a liability or equity account, or decreases an asset or expense account.
Bank accounts provide essential services for managing money. There are several types of accounts like checking, savings, and money market accounts. Checking accounts allow writing checks and debit card use, while savings accounts earn interest but have limits on transactions. It's important to choose a bank based on location, fees, and account features. Maintaining good records and being aware of fraud prevention helps manage accounts responsibly.
A savings account is meant for individuals to encourage savings and has restrictions on withdrawals. An individual can open a savings account by providing their photograph, address, and introduction from another account holder subject to KYC procedures. Exceptions allow opening an account against an electricity bill or with neighbor introductions in times of calamities. A current account is for commercial or business use and allows unlimited withdrawals depending on the account balance. Fixed deposits are deposits placed for a fixed period from 7 days to 120 months at a higher interest rate than savings accounts. Interest rates are now determined by banks and paid quarterly or longer on the daily balance.
Important words for banking terminologyRajat_upmanyu
A bank is a financial institution that accepts deposits from the public and creates credit.Lending activities can be performed either directly or indirectly through capital markets. Due to their importance in the financial stability of a country, banks are highly regulated in most countries. Most nations have institutionalized a system known as fractional reserve banking under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, known as the Basel Accords.
Banking in its modern sense evolved in the 14th century in the prosperous cities of Renaissance Italy but in many ways was a continuation of ideas and concepts of credit and lending that had their roots in the ancient world. In the history of banking, a number of banking dynasties – notably, the Medicis, the Fuggers, the Welsers, the Berenbergs, and the Rothschilds – have played a central role over many centuries. The oldest existing retail bank is Banca Monte dei Paschi di Siena, while the oldest existing merchant bank is Berenberg Bank.
This document provides information about debit and credit cards in India. It introduces when debit and credit cards were introduced in the 1970s by Corporation Bank and Andhra Bank respectively. It describes debit cards as plastic cards that provide an alternative payment method to cash and allow for instant withdrawals of cash. Credit cards allow users to borrow money for purchases and pay it back later with interest. The document outlines the different types of debit and credit cards and parties involved in transactions. It discusses trends of increased debit and credit card usage in India. Finally, it compares features and fees of cards from SBI and HDFC Bank and identifies problems faced by card holders like unauthorized purchases, privacy breaches, and identity theft.
Credit cards allow users to make purchases and pay the balance later, with interest charged on unpaid balances. A credit card transaction involves several parties: the cardholder makes a purchase from a merchant, who is paid by an acquiring bank; the card-issuing bank then pays the acquiring bank and bills the cardholder. Key benefits of credit cards include convenience and fraud protection compared to debit cards. Customers have a grace period before interest is charged if they pay the monthly statement balance in full. Fees charged to customers can include late fees, over-limit fees, and fees for cash advances or foreign transactions.
The document provides an overview of credit card processing and Advanced Merchant Group. It discusses why it is a good time to be in the processing industry due to rapid changes. It then summarizes Advanced Merchant Group's role in the transaction process, including underwriting merchant accounts and providing customer service.
Credit cards are plastic cards that allow users to make purchases now and pay for them later. They provide pre-approved credit up to a set limit. To be eligible, one must have a bank account and be deemed creditworthy based on income, assets, and expenses. Credit cards display key information like the card number, expiration date, security features, issuing bank, and signature strip. They are classified based on payment type, user status, validity area, brand affiliation, and issuing institution. Credit cards offer convenience for users and guaranteed payment for merchants, while banks earn revenue from fees. However, they also carry risks like debt, fraud, and theft for users and merchants. Safety tips include signing cards, reporting loss/theft
All product and company names mentioned herein are for identification and educational purposes only and are the property of, and may be trademarks of, their respective owners.
The document presents information on credit cards including:
1) A brief history of credit cards originating in the US in 1950 and being introduced in the UK in 1966 and India in 1980.
2) An overview of how credit cards work with three parties involved - the issuing bank, card holders who can make purchases without immediate payment, and member establishments who receive payments from the bank after deducting commissions.
3) Eligibility for different types of credit cards depends on a person's income, with standard cards providing basic access and higher tier cards like platinum and titanium offering additional perks and higher spending limits.
This document discusses consumer credit, credit cards, and debit cards. It defines consumer credit as money, goods, or services provided in lieu of payment for non-investment purchases that depreciate quickly, excluding real estate or investment debts. Credit cards allow cardholders to make purchases on credit and pay later, while debit cards provide electronic access to bank accounts. The key differences are that credit cards involve revolving balances and interest charges, while debit cards deduct funds directly from existing balances.
The document discusses the pros and cons of using credit cards, noting advantages like convenience of payment and ability to track expenses, but also disadvantages like high interest rates if not paid off monthly and fees for transactions. It provides recommendations to research credit cards thoroughly before getting one and to use them wisely to avoid getting into debt. The document also includes a vocabulary list of financial and credit card terms.
This presentation provides an overview of credit and debit cards. It defines debit cards as allowing direct withdrawal of funds from a customer's bank account for purchases. Credit cards allow cardholders to borrow money for purchases and pay it back later, potentially with interest. The document describes different types of credit and debit cards such as standard, premium, limited purpose, and specialty cards. It also outlines the parties involved in a transaction and how transaction processing works. Finally, it summarizes the key differences between credit and debit cards, such as credit cards being for purchases on credit versus debit cards withdrawing directly from a linked bank account.
This document provides an overview of credit cards including:
1. It discusses the history and evolution of credit cards from their origins in the 1950s to widespread adoption globally.
2. Key details about credit cards are explained such as what they are, eligibility requirements, classification based on various factors like issuer or validity, the credit card cycle and parties involved.
3. Various types of credit cards are defined like standard, premium, gold, platinum, silver, rewards, business, prepaid, corporate, smart and virtual credit cards. Advantages, disadvantages and safety tips are also summarized.
Credit and debit cards are commonly used plastic currencies that can be used to make purchases. They contain various security features to prevent fraud, such as magnetic strips, signatures panels, specific dimensions and thickness. When fraud is suspected, investigations are conducted both externally by law enforcement and internally by the issuing bank. The cards can be examined in a forensic laboratory using stereomicroscopes, comparison microscopes and video spectral comparators to analyze security features under different light wavelengths. Prevention of fraud involves using computer chips and biometric systems instead of magnetic strips, training merchants and consumers on security features, and promptly reporting any lost or stolen cards.
The document discusses different methods of payment including cash, cheques, credit cards, debit cards, hire purchase, standing orders, interest-free credit, bank loans, and overdrafts. It provides details on how each method works, such as how cheques allow payment by transferring funds from a current account, debit cards transfer funds directly from a bank account, and credit cards allow borrowing within a pre-set limit. The document also gives tips for using payment cards securely and understanding terms and conditions.
This document provides guidance on managing personal finances, including setting financial goals and choosing bank accounts. It discusses the importance of setting both short-term and long-term financial goals. It also provides tips for choosing a bank, opening an account, making deposits, writing checks, using a debit card safely, and maintaining an account register to keep track of transactions and avoid overdrafts. Key aspects of bank statements are explained to help the reader reconcile their account.
This document provides information about debit cards. It defines a debit card as a plastic card that provides an alternative payment method to cash by withdrawing funds directly from a linked bank account. The document outlines different types of debit cards including online debit cards that require electronic authorization for every transaction, offline debit cards that can be used like credit cards, and prepaid debit cards that are loaded with funds. It also discusses advantages like avoiding credit checks and limiting spending to available funds, and disadvantages like potential overdraft fees.
This presentation provides an overview of various banking products and services. It discusses the different types of banks and their core functions. It then examines several common banking products in India including deposits (current, savings, fixed, recurring), loans, cash credit, overdraft, credit cards, debit cards, ATMs, mobile/internet banking, demat accounts, and e-cheques. For each product, it provides details on what they are, the types that exist, their key features and benefits. The presentation is intended to educate audiences on the range of offerings provided by banks in India.
Economic offenses through Credit Card Frauds Dissectedamiable_indian
The document discusses credit card fraud, including types of fraud, statistics, and techniques used. It defines credit card fraud as theft carried out using stolen credit card information. Common methods for obtaining card information include skimming, theft, phishing, and buying/selling stolen numbers online. Fraudsters can then make unauthorized purchases or create cloned cards. The costs of fraud are high both for consumers through higher fees and merchants through chargebacks and lost business.
The document provides information about debit and credit cards from various banks such as UCO Bank, Dena Bank, and Bank of Baroda. It discusses the history and features of debit and credit cards. For each bank, it outlines the types of debit and credit cards offered, eligibility requirements, transaction limits, fees and charges. UCO Bank offers classic, gold, platinum and signature debit cards. Dena Bank offers ATM cards, insta cards, debit cards, EMV chip cards, and RuPay KCC cards for farmers. Bank of Baroda offers silver, gold and platinum credit cards with varying revolving credit limits and cash withdrawal limits.
A debit is an accounting entry that either increases an asset or expense account, or decreases a liability or equity account. It is positioned to the left in an accounting entry. A credit is an accounting entry that either increases a liability or equity account, or decreases an asset or expense account.
Bank accounts provide essential services for managing money. There are several types of accounts like checking, savings, and money market accounts. Checking accounts allow writing checks and debit card use, while savings accounts earn interest but have limits on transactions. It's important to choose a bank based on location, fees, and account features. Maintaining good records and being aware of fraud prevention helps manage accounts responsibly.
A savings account is meant for individuals to encourage savings and has restrictions on withdrawals. An individual can open a savings account by providing their photograph, address, and introduction from another account holder subject to KYC procedures. Exceptions allow opening an account against an electricity bill or with neighbor introductions in times of calamities. A current account is for commercial or business use and allows unlimited withdrawals depending on the account balance. Fixed deposits are deposits placed for a fixed period from 7 days to 120 months at a higher interest rate than savings accounts. Interest rates are now determined by banks and paid quarterly or longer on the daily balance.
Important words for banking terminologyRajat_upmanyu
A bank is a financial institution that accepts deposits from the public and creates credit.Lending activities can be performed either directly or indirectly through capital markets. Due to their importance in the financial stability of a country, banks are highly regulated in most countries. Most nations have institutionalized a system known as fractional reserve banking under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, known as the Basel Accords.
Banking in its modern sense evolved in the 14th century in the prosperous cities of Renaissance Italy but in many ways was a continuation of ideas and concepts of credit and lending that had their roots in the ancient world. In the history of banking, a number of banking dynasties – notably, the Medicis, the Fuggers, the Welsers, the Berenbergs, and the Rothschilds – have played a central role over many centuries. The oldest existing retail bank is Banca Monte dei Paschi di Siena, while the oldest existing merchant bank is Berenberg Bank.
This document provides information about debit and credit cards in India. It introduces when debit and credit cards were introduced in the 1970s by Corporation Bank and Andhra Bank respectively. It describes debit cards as plastic cards that provide an alternative payment method to cash and allow for instant withdrawals of cash. Credit cards allow users to borrow money for purchases and pay it back later with interest. The document outlines the different types of debit and credit cards and parties involved in transactions. It discusses trends of increased debit and credit card usage in India. Finally, it compares features and fees of cards from SBI and HDFC Bank and identifies problems faced by card holders like unauthorized purchases, privacy breaches, and identity theft.
Credit cards allow users to make purchases and pay the balance later, with interest charged on unpaid balances. A credit card transaction involves several parties: the cardholder makes a purchase from a merchant, who is paid by an acquiring bank; the card-issuing bank then pays the acquiring bank and bills the cardholder. Key benefits of credit cards include convenience and fraud protection compared to debit cards. Customers have a grace period before interest is charged if they pay the monthly statement balance in full. Fees charged to customers can include late fees, over-limit fees, and fees for cash advances or foreign transactions.
The document provides an overview of credit card processing and Advanced Merchant Group. It discusses why it is a good time to be in the processing industry due to rapid changes. It then summarizes Advanced Merchant Group's role in the transaction process, including underwriting merchant accounts and providing customer service.
Credit cards are plastic cards that allow users to make purchases now and pay for them later. They provide pre-approved credit up to a set limit. To be eligible, one must have a bank account and be deemed creditworthy based on income, assets, and expenses. Credit cards display key information like the card number, expiration date, security features, issuing bank, and signature strip. They are classified based on payment type, user status, validity area, brand affiliation, and issuing institution. Credit cards offer convenience for users and guaranteed payment for merchants, while banks earn revenue from fees. However, they also carry risks like debt, fraud, and theft for users and merchants. Safety tips include signing cards, reporting loss/theft
All product and company names mentioned herein are for identification and educational purposes only and are the property of, and may be trademarks of, their respective owners.
The document presents information on credit cards including:
1) A brief history of credit cards originating in the US in 1950 and being introduced in the UK in 1966 and India in 1980.
2) An overview of how credit cards work with three parties involved - the issuing bank, card holders who can make purchases without immediate payment, and member establishments who receive payments from the bank after deducting commissions.
3) Eligibility for different types of credit cards depends on a person's income, with standard cards providing basic access and higher tier cards like platinum and titanium offering additional perks and higher spending limits.
This document discusses consumer credit, credit cards, and debit cards. It defines consumer credit as money, goods, or services provided in lieu of payment for non-investment purchases that depreciate quickly, excluding real estate or investment debts. Credit cards allow cardholders to make purchases on credit and pay later, while debit cards provide electronic access to bank accounts. The key differences are that credit cards involve revolving balances and interest charges, while debit cards deduct funds directly from existing balances.
The document discusses the pros and cons of using credit cards, noting advantages like convenience of payment and ability to track expenses, but also disadvantages like high interest rates if not paid off monthly and fees for transactions. It provides recommendations to research credit cards thoroughly before getting one and to use them wisely to avoid getting into debt. The document also includes a vocabulary list of financial and credit card terms.
This presentation provides an overview of credit and debit cards. It defines debit cards as allowing direct withdrawal of funds from a customer's bank account for purchases. Credit cards allow cardholders to borrow money for purchases and pay it back later, potentially with interest. The document describes different types of credit and debit cards such as standard, premium, limited purpose, and specialty cards. It also outlines the parties involved in a transaction and how transaction processing works. Finally, it summarizes the key differences between credit and debit cards, such as credit cards being for purchases on credit versus debit cards withdrawing directly from a linked bank account.
This document provides an overview of credit cards including:
1. It discusses the history and evolution of credit cards from their origins in the 1950s to widespread adoption globally.
2. Key details about credit cards are explained such as what they are, eligibility requirements, classification based on various factors like issuer or validity, the credit card cycle and parties involved.
3. Various types of credit cards are defined like standard, premium, gold, platinum, silver, rewards, business, prepaid, corporate, smart and virtual credit cards. Advantages, disadvantages and safety tips are also summarized.
Credit and debit cards are commonly used plastic currencies that can be used to make purchases. They contain various security features to prevent fraud, such as magnetic strips, signatures panels, specific dimensions and thickness. When fraud is suspected, investigations are conducted both externally by law enforcement and internally by the issuing bank. The cards can be examined in a forensic laboratory using stereomicroscopes, comparison microscopes and video spectral comparators to analyze security features under different light wavelengths. Prevention of fraud involves using computer chips and biometric systems instead of magnetic strips, training merchants and consumers on security features, and promptly reporting any lost or stolen cards.
The document discusses different methods of payment including cash, cheques, credit cards, debit cards, hire purchase, standing orders, interest-free credit, bank loans, and overdrafts. It provides details on how each method works, such as how cheques allow payment by transferring funds from a current account, debit cards transfer funds directly from a bank account, and credit cards allow borrowing within a pre-set limit. The document also gives tips for using payment cards securely and understanding terms and conditions.
This document provides guidance on managing personal finances, including setting financial goals and choosing bank accounts. It discusses the importance of setting both short-term and long-term financial goals. It also provides tips for choosing a bank, opening an account, making deposits, writing checks, using a debit card safely, and maintaining an account register to keep track of transactions and avoid overdrafts. Key aspects of bank statements are explained to help the reader reconcile their account.
Banks provide safety, security, and convenience for managing money through services like savings and chequing accounts. Savings accounts earn interest and are best for storing money not needed immediately, while chequing accounts are suited to daily expenses with features like writing cheques. Combination accounts blend savings and chequing benefits. Banking terminology defines important concepts like accounts, interest, joint accounts, mortgages, and account types that help manage personal finances.
bank accounts maintained by the business enterprise.pptxJennifer911572
Here are sample deposit and withdrawal slips that I designed based on my knowledge of basic banking documents:
[SAMPLE DEPOSIT SLIP]
ABC Bank
Main Street, Manila
Date: __________
Account No.: __________
Cash $________
Checks $________
Total $________
_________________________
Depositor's Signature
[SAMPLE WITHDRAWAL SLIP]
ABC Bank
Main Street, Manila
Date: __________
Account No.: __________
Cash Requested $________
_________________________
Account Holder's Signature
This document provides an overview of personal banking services. It discusses opening checking and savings accounts, the differences between banks and credit unions, account verification services like ChexSystems, debit cards, check writing, keeping fees low, certificates of deposit, safe deposit boxes, and how to properly manage accounts. The goal is to give participants a thorough understanding of banking basics to help them benefit from financial institution services.
The document discusses the different types of payment cards available, including credit cards, charge cards, ATM cards, debit cards, and prepaid cards. Credit cards provide a line of credit up to a spending limit and require minimum monthly payments, while charge cards require payment in full each month. ATM cards access bank accounts at ATMs, and debit cards allow direct payments from checking accounts. Prepaid cards work like debit cards but are funded with deposits instead of a bank account. The document also notes various fees associated with different card types and importance of researching terms before applying.
Banks provide key services like accepting deposits, lending money, and facilitating payments. For deposits, banks offer savings accounts that earn interest, fixed deposits for higher returns over a set period, and current accounts for businesses. Banks also lend large sums of money through various loan products and charge interest. Additionally, banks enable various payment methods like cheques, debit/credit cards, online transfers, and more.
Debit and credit cards both allow electronic payments, but have key differences:
- Debit cards access funds directly from a linked bank account, while credit cards allow borrowing that must be repaid later with interest.
- Debit cards have advantages of not requiring credit worthiness and limiting spending to available funds, while credit cards provide insurance and consumer protections when used responsibly.
- Both card types come in different categories like prepaid, dual-use, or specialty cards, but credit cards inherently pose greater risks of growing debt from interest if balances are not paid in full each month.
This document summarizes key aspects of banking, including checking accounts, bank statements, and trends in online banking. It discusses checking accounts, how to open a business checking account, deposit slips, and how to write and endorse checks. It also covers bank statements, the reconciliation process, and how to complete a sample bank reconciliation. Finally, it discusses trends in online banking such as increased internet usage, new banking legislation, and the role of middlemen like PayPal.
The document discusses modern forms of money such as credit cards, debit cards, checks, demand drafts, and online banking. Credit cards allow purchases without cash but must be paid back within a billing period to avoid interest. Debit cards access funds directly from a linked bank account. Checks were developed as a way to make payments without carrying cash but are declining in use. Demand drafts are created by merchants using a buyer's account without a signature. Online banking allows financial transactions through a bank's website and online transfers of money between accounts. New forms of banking like mobile and SMS banking provide even more convenient options.
This document discusses various methods of making and receiving payments, including cash, cheques, credit cards, money orders, postal orders, electronic transfers, standing orders, bank drafts, and letters of credit. Cash allows for quick payments but carries theft risks, while cheques provide proof of payment but may bounce. Credit cards offer lines of credit for purchases. Money orders and postal orders are obtained from post offices for sending smaller or larger fixed amounts. Electronic transfers and standing orders automatically transfer funds between bank accounts on a one-time or recurring basis. Bank drafts and letters of credit provide guarantees of payment from banks.
Have you got a check and are not sure how you can cash it as soon as possible? Then this post is for you. It goes through the ways you can easily cash your check fast.
This document provides information on banking basics such as opening and maintaining bank accounts, types of accounts like checking and savings, and additional banking services. It also discusses credit reports, credit scores, responsible credit card use, and the key terms and costs associated with credit cards as outlined in the Schumer Box. The objectives are to explain why and how consumers should open bank accounts, maintain good credit, and use credit cards responsibly.
The Enhanced Telephone was a telephone developed by Citibank in the late 1980s that allowed customers to do banking and financial transactions from home. The first model, the 99A, had a beige casing and monochrome screen, while the second, the P100, was manufactured by Philips and had an LCD screen. However, the Enhanced Telephone ultimately failed due to the rise of home banking via personal computers and the early World Wide Web in the 1990s.
The document discusses modern banking, including measuring the money supply, functions of financial institutions, and e-banking. It defines the M1 and M2 money supplies and explains the functions of storing money, saving money, loans, mortgages, and credit cards. It also discusses interest, the role of banks in earning profits, and modern electronic banking methods like ATMs, debit cards, online banking, automatic bill pay, and stored value cards.
This document discusses electronic payment systems. It begins by introducing various online payment methods like e-cash, e-checks, credit cards, debit cards, and smart cards. It then describes each payment method in more detail, covering how they work, their importance and advantages/disadvantages. The document also discusses security issues in electronic payments and different biometric authentication methods. Overall, the document provides a comprehensive overview of electronic payment systems, methods, and related security considerations.
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
Every business, big or small, deals with outgoing payments. Whether it’s to suppliers for inventory, to employees for salaries, or to vendors for services rendered, keeping track of these expenses is crucial. This is where payment vouchers come in – the unsung heroes of the accounting world.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
2. There are a variety of bank accounts available and
some terminology to get used to.
This section explains the most common areas of
banks and building societies.
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3. 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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4. Current accounts
Current accounts are
used for day-to-day
transactions with money
coming in, such as
wages, and money going
out, such as cash
withdrawals, bill
payments, cheques etc.
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5. Current account services
Most current accounts offer:
• a cheque book
• a debit card
• a cashpoint card
• statements
• standing orders (SO)
• direct debits (DD)
• interest
• overdraft
• loans.
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6. Cheque book
A cheque book is a set of printed forms which
allows you to pay amounts of money to a named
individual or company.
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7. How to write a cheque
You complete:
• the name or company to be paid
• the quantity in words and numbers
• the date and signature
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8. Using cheques
Some cheques have a maximum limit –
usually £50 without a guarantee card.
In shops, cheques have to be presented
with a cheque guarantee card. This is used
to confirm your signature.
As well as using cheques to pay other
people, you can put cheques into your
current or savings accounts by presenting
them at the bank’s counter as a deposit.
Cheques are not accepted by many high
stores & supermarkets.
On some occasions there is a possibility of
cheques being withdrawn by banks, if
there are insufficient funds in the account
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9. Clearing cheques
Cheques take a few days to clear in
order for the funds to move from
one bank to another.
There needs to be enough money in
the account from which the cheque
is paid to cover the amount.
Otherwise the cheque will be
refused by the bank.
This is known as a ‘bounced’
cheque.
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10. Cheque numbers
Each cheque in your book is individually numbered.
This is one way of keeping a track of where cheques
have been sent.
Also you can use the cheque stub to write down the
details of the cheque such as the date, amount and
who it is made payable to.
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11. Debit cards
Another way to pay for things without using cash is by debit card.
• Debit cards allow for payment to be made in a shop or to a company
directly from your current account.
• Debit cards are not a way to borrow money.
• Banks don’t normally charge for this service.
• You have to make sure that there are sufficient funds in your account
to cover the payment.
• Debit cards are used with card readers in shops that contact your
bank electronically to confirm the transaction.
• They can also be used to pay for things via the internet or telephone.
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12. Cashpoint cards
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.
•This is a four-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.
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13. Credit cards
Credit cards are not the same as debit or cashpoint
cards.
• Credit cards have a separate account.
• They allow you to borrow money as well as pay for
goods and services.
• You can apply for a credit card from any provider as
well as your own bank.
• Often banks issue multi-function cards which combine
a debit card and cashpoint card in one.
For more information about credit cards visit
Borrowing.
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14. Lost or stolen cards
If you lose a debit, credit or cashpoint card, or it is stolen, you must
report it to your bank, building society or credit company as soon as
possible.
•You will find a telephone number for reporting lost or stolen cards on
the reverse of your bank statement.
•You will only be liable for a maximum £50 for any criminal use of the
card before you report it as missing.
•You will not have to pay for any misuse of the card after you have
reported it.
•If the card is lost or stolen before you receive it, you will not be
responsible for any misuse of the card.
Banks suggest that you never keep your card and PIN number
together in case they are stolen. Also you should never tell anyone
else your PIN number.
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15. Chip and PIN
Credit and debit cards contain a small
microchip which hold your account
details.
•You are sent a four-digit personal
identification number (PIN) separately.
•Instead of signing when you buy goods
in shops you enter your PIN number on a
keypad just like at a cashpoint.
•It is important to keep your PIN number
secret to protect your account.
For more information visit
www.chipandpin.co.uk
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16. Overdraft facilities
Most bank accounts offer an overdraft facility. This allows you to spend
more than the total balance in your account and go overdrawn.
It is a way to borrow money short term.
You will need to agree with your bank an overdraft limit, for example
£100, which would then allow you to borrow up to this amount.
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17. An overdraft can be useful if
you know that you are about to
run out of money but will soon
receive some income.
Banks charge you interest on
your overdraft. This is another
percentage rate and varies
from one account to another.
You will need to find out from
your bank what your overdraft
limit is and what interest you
will pay to borrow this money.
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18. Overdraft charges
If you go overdrawn without the bank’s agreement they may impose
charges.
Banks and building societies currently charge around £25 to
customers who exceed their credit limit, go overdrawn without
authorisation, or bounce a cheque.
This charge can be made each time a debit is made from the
overdrawn account adding up to a large amount of money.
Although banks will tell you about these charges it can be argued
that excessive charges are unlawful. If this happens to you seek
advice.
You can find more information about overdrafts in Borrowing.
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19. Bank statements
A bank statement is a list of transactions made from
your account.
Your bank will regularly send you a bank statement and
you can sometimes obtain one from a cashpoint.
The statement will
•list each transaction in date order
•show who the transaction is made with
•show the amount as either a credit (paid in) or debit
(paid out)
•show the total amount of money in your account after
all transactions. This is known as the balance.
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20. Your bank statement can be a useful tool for budgeting as it provides a record of your
monthly income and spending.
You can use it to predict the amounts that will need to be paid in the coming months.
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21. •If at any time you notice an item on your statement
which seems incorrect you should tell your bank,
building society or credit company immediately.
•It could be an error or it could be an incidence of
fraud if someone has used your card details.
•Be vigilant and report anything unusual.
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22. Making regular payments
You can arrange with your bank for a regular payment to be made
from your account to a company or other account.
This can take the effort out of having to make the payments in
person and having to remember to pay on a set date.
This is especially useful for paying bills such as electricity, gas,
telephone etc.
You could also arrange for an amount to be transferred to a
savings account.
There are two ways to do this:
•standing order (SO)
•direct debit (DD).
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23. Standing orders
Standing orders allow you to pay a set amount to
another bank account on a regular date, such as on the
10th of each month.
You can use this to pay money to companies or
individuals or to pay money into a savings account.
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24. Direct debits
A direct debit is used to
allow a company to take
amounts from your account,
to pay for bills etc.
The amounts may vary but
will usually be at the same
intervals.
You will be informed by the
company how much and
when the money will be
taken from your account.
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25. Keep your account in credit
You will need to make sure that there
is enough money in your account to
cover the amounts to be paid by both
standing orders and direct debits,
otherwise you may become
overdrawn.
If you have not agreed an overdraft
limit with your bank they will charge
you for the uncleared direct debit.
This can happen more than once and
the charges can mount up.
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26. Interest
The bank pays you for keeping your money with them. This
is called interest.
• It is paid as a percentage rate based on the balance in
your account.
• Interest can be paid on some current accounts and all
savings accounts.
• Interest rates vary so it is a good idea to shop around and
compare the interest rates that banks are currently offering.
• Due to the economic downturn, the bank base rate has
been low so as to boost spending rather saving. However
this has a knock on effect on loans and mortgages.
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27. Calculating interest
To calculate interest you multiply the current balance by the interest rate
Example: If you had £100 in a savings account that paid 6 per cent (%) simple
interest, during the first year you would earn £6 in interest.
£100 x 0.06 x 1 = £6
At the end of two years you would have earned £12. The account would
continue to grow at a rate of £6 per year, despite the accumulated interest.
Interest is paid on the original amount of deposit, plus any interest earned.
Example: If you had £100 in a savings account that paid 6 per cent interest
compounded annually, the first year you would earn £6 in interest.
£100 x 0.06 x 1 = £6 £100 + £6 = £106
With compound interest, the second year you would earn £6.36 in interest.
The calculation for the second year would look like this:
£106 x 0.06 x 1 = £6.36 £106 + 6.36 = £112.36
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28. Telephone and online banking
Most bank accounts offer telephone or online
banking.
• Telephone banking allows you to phone a call
centre and ask for an operator to make payments
and transfers from your account.
• You can set up standing orders and ask for an
update on your account balance. Usually this costs
the price of a local call.
• Online banking allows you to access your bank
account details via the internet and make
transactions yourself. It is free, apart from the cost
of using the internet.
These facilities can help you manage your money
more effectively and are useful tools for
budgeting.
Ask about these options when you choose a bank.
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29. Savings accounts
Savings accounts, also known as deposit accounts, are intended
for money to be paid in but not often withdrawn.
• Some allow instant access to your money but others require that
you give the bank notice before making a withdrawal or incur a
penalty.
• They don’t offer the same access facilities as current accounts
such as cheque books and cashpoint cards.
• They usually offer higher rates of interest than current accounts
but these too can vary so it is worth shopping around.
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30. Individual savings accounts (ISAs)
Individual savings accounts or ISAs are a government
scheme to encourage more people to save or invest their
money without paying any tax on the interest earned nor
on any capital gains.
• With an ordinary bank or building society account you
pay tax on the interest you earn.
• There is a limit to how much you can invest in an ISA
each year.
For more information visit
www.hmrc.gov.uk/leaflets/isa.htm
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31. Student and young person accounts
Student and young person accounts are designed to help young people and
students to get control over their money. Many student accounts have interest
free overdraft facilities and have no charges for using the account.
There is usually a student adviser to help students with any money management
problems. They may also offer a credit card.
Student and young person accounts offer incentives like cash payments, mobile
phones or gift vouchers, discounts on CDs, DVDs, computer games, concert
tickets, books and entrance to night-clubs.
Although incentives are tempting they usually apply when you first open the
account only. Good interest rates and low charges are usually more helpful in
the long run.
Graduate accounts offer facilities to assist graduates with their money and debt
management for time periods of up to three years after graduation.
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32. Choosing a bank account
When choosing a bank account, you may find it useful to consider:
• how much interest is paid when your account is in credit.
• how much is the interest free overdraft limit.
• charges for agreed overdrafts and loans – these vary.
• charges for unauthorised overdrafts. These are overdrafts where
you have not received permission from your bank in advance and the
charges are much higher.
• the qualifying period after graduation (to stay in the same account,
which will probably have better rates than other accounts).
Many of the banks now have an option to move to a graduate
account which may also have better terms of interest or charges than
an ordinary account, especially if you are still paying off an overdraft
or loan.
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33. How to choose a bank account
Other issues you may want to consider when choosing a bank
are:
• the location of cashpoints and branches
• telephone banking service
• online banking service
• can you use other bank’s cashpoints, do they charge?
• Saturday or late night opening
• where can you make cash and cheque deposits
• personal banking advisers
• standing orders and direct debits
• what other services are offered, eg ethical approach to banking,
share dealing, small business advice etc.
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34. Opening an account
To open a bank or building society account, you will usually have to:
• complete an application form
• provide proof of your identity and address
• put some money in the new account.
Wherever possible, the bank or building society will want to verify your identity
and address through official documents that contain a photo and ideally a
signature, for example:
• a current valid full passport
• national identity card or
• driving licence.
If you do not have these documents, the bank or building society may ask for
other proof of identity. To check the address, the bank or building society may
ask for a recent utility or council tax bill.
A student may provide a letter from her/his college. The same document
cannot be used to prove both identity and address.
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35. Joint accounts
You can open a bank account in your name only or open a joint
account with one or more people.
This can apply to either current or savings accounts.
Some couples decide to do this and agree to have equal access to
the funds, regardless of whether they pay in different amounts.
Other couples choose to have separate accounts.
You could set up a joint account from which bills are paid by direct
debit or standing order. Both of you can pay into the account.
Me Direct Debit £££
Direct Debit
JOINT ACCOUNT
You Standing Order
£££
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36. Banks and building societies
Although we have referred to banks in this subject, building
societies now offer many of the same features in their accounts.
As well as the well-known high street banks there are now several
online banks which don’t have premises. These can offer the
same kind of features as the high street banks.
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37. Understanding your bank’s services
Understanding the range of services offered by banks can
give you better control over your money.
It is worth checking out the various offers to make sure you
are getting the best deal from your bank.
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38. Activity
Research and compare current and savings accounts from four local banks or building
societies.
You could do this by visiting each bank and asking counter staff and collecting leaflets
giving details.
Or you may find the internet can give you answers via each bank’s website.
Find out about:
• current accounts and savings accounts
• facilities available such as cashpoint cards, overdrafts and interest rates
• bank charges
• special accounts for students.
Consider also:
• ease of access
• location of branches
• opening times
• online and telephone banking.
Use this information to decide which bank is best for you.
Highlight anything you are impressed by or disappointed by.
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