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.
