BASIC BANK SERVICES

Question 1

these are deposits used by consumers and businesses to pay their bills and make cash withdrawals. They pay little or no interest and typically come with monthly fees, usage fees, or both.

Answer 1

CHECKING ACCOUNT

Question 2

accounts pay interest to the depositor. Depending on how long account holders hope to keep their money in the bank, they can open a regular savings account that pays a little interest or a time deposit (TD) that pays a little more interest.

Answer 2

SAVINGS ACCOUNT

Question 3

Banks make loans to consumers and businesses. The cash that is deposited by their customers is lent out to other customers at a higher rate of interest than the depositor is paid.

Answer 3

LOAN SERVICES

Question 4

Several banks also provide forex services. You can get competitive foreign exchange rates on converting $ to foreign currencies, especially if you need forex while travelling abroad.

Answer 4

FOREIGN EXCHANGE (ForEx

Question 5

Bank offers investment product to investors based on an underlying security or group of securities that is purchased with the expectation of earning a favorable return.

Answer 5

INVESTMENT PRODUCT

Question 6

Banks provide the customers to transfer their funds from one account to another using cheque, drafts, etc. This bank service are most commonly used by OFWs. Basic Bank Services ·

Answer 6

REMITTANCE

Question 7

Banks offer mobile and internet banking services that allow you to access your bank account 24x7. You can use the facility to transfer funds, pay bills, check account balances and statements, etc.

Answer 7

ONLINE BANKING

Question 8

Modern banks expand their businesses and also provides consultancy services to its customers. For this, they hire legal, financial, and market leaders and experts who can provide advice to customers regarding industry, income, trade, investment, etc. In this way, people will be enticed and potentially be a depositor, lender or investor.

Answer 8

CONSULTANCY