Banking Services Flashcards
Define the term Commercial Banks?
A commercial bank is a financial institution that provides various financial services, such as accepting deposits and issuing loans.
Define the term Cheques?
Cash is physical money, like coins or banknotes, used to pay for goods, services, or debts.
Define the term Withdrawal?
A withdrawal involves removing funds from a bank account, savings plan, pension or trust.
Define the term Deposit?
A deposit is money placed into a bank account, such as savings, checking, or money market accounts, for safekeeping.
Define the term Lodgement?
Lodgement is an amount lodged to a bank account or the act of paying money into a bank account.
Define the term Automatic Banking?
It allows customers to perform banking tasks like withdrawing cash, making deposits, paying bills, accessing bank statements, and transferring money without a teller’s assistance.
Define the term Personal Identification Number (PIN)?
Your Personal Identification Number (PIN) is a unique 4-digit code that gives you access to your account.
Define the term Debit Card?
A debit card is a plastic card issued by a bank that lets customers pay for purchases directly from their savings or checking accounts.
Define the term Credit Card?
A credit card is a plastic card that lets you borrow money from the bank for purchases, with interest charged if the balance isn’t paid within the grace period.
Advantages of a Cheque?
Cheques are safe and trusted
Convenient
Post Dated
Personalization
How is it more convenient?
It is more convenient than carrying around bank notes. In addition, it prevents one fromhaving the count bank notes and possibly making mistakes
Post Dated?
this allows the costumers to place a later date on cheques that grants them time to put funds into their accounts.
Personalization?
companies as well as business professionals are able to personalize and customize cheques according to their companies, incorporating logos, trademarks and designs.
What type of pen should you use when writing a cheque?
Use a permanent ink pen, such as a ball pen, to write clearly and legibly.
What happens if there is an alteration or erasure on a cheque?
Banks will reject cheques with alterations, amendments, or erasures.
What should you do if your cheque book is lost or stolen?
Immediately report the missing cheque book to your bank.
How can you ensure cheques are not used without your knowledge?
Regularly monitor your cheque book and destroy spoiled cheques completely.
What must you verify before issuing a cheque?
Make sure your account has sufficient funds to cover the cheque amount.
Why is it important to keep a cheque clean and tidy?
A clean and tidy cheque helps ensure it is accepted by the bank.
What should you do if you notice discrepancies in your bank statement?
Report any discrepancies to your bank immediately.
How should you handle spoiled cheques?
Spoiled cheques should be completely destroyed to prevent misuse.
Safety guidelines when drawing cheques?
Keep Cheque Clean and Tidy
Lost or Stolen Cheque
Cheque Management
Check before issuing cheque
SERVICES OFFERED BY BANKS TO BUSINESSES?
Payment Services
Financial Intermediary:
Financial Services
Ancillary Services
What is Payment Services?
The payment system, once reliant on cheques and demand drafts, now thrives on direct online transfers, revolutionized by advancing technology.
What is Financial Intermediary?
One of the oldest and core functions of banking is accepting customer deposits and lending these funds to borrowers.
What is Financial Services?
These services, including investment banking, foreign exchange, wealth management, loans, and remittances, generate income for commercial banks through commissions and minimal service charges.
What is Ancillary Services?
These services, including safe deposit lockers and cheque pick-up facilities, form a minor segment of the bank’s offerings.
List some BENEFITS OF THE ATM?
Twenty-Four (24) hour Service:
Convenience to Customers
Reduces Workload
Provision of Service without Error
List some BENEFITS OF ONLINE BANKING?
Transfer between accounts
Mobile banking
pay your bills online
Procedures to take when using the ATM?
- Insert the card
2.Enter the pin number
3.Then this allows the customer to withdraw or deposit
4.then the card will come out the machine
What should you do after using an ATM?
Always take your card and cash. If either is missing, report it to your bank immediately.
What should you do with ATM transaction receipts?
Don’t leave the receipt behind. If you don’t need it, tear it up before throwing it away.
How can you spot signs of ATM fraud?
Look for any loose or unusual parts on the ATM, as these could be devices installed by fraudsters.
Why should you check your bank statements regularly?
To spot and report any unknown transactions to your bank.
How can you protect your password for online banking?
Use a unique password and don’t share it with anyone.
How can you avoid email scams asking for bank details?
Banks don’t ask for details via email. Report suspicious emails to your bank and don’t click on any links.
What should you do if an online banking site seems different?
Don’t log in. Check your bank’s security advisories and contact them if unsure.
