Please enable JavaScript.
Coggle requires JavaScript to display documents.
Backing products and services (business loans (A line of credit is a…
Backing products and services
savings accounts
have the exact maturity date
Interest is paid on the deposit balance after the maturity date
an automated teller machine
withdrawals, deposits, loan and credit card payments, and balance and account history inquiries
use of a plastic card and an access code
to get a loan
a fixed sum for a fixed period of ime
The principal and the interest on it may repayment at the end of that period or repaid in equal regular installments over the period of the loan.
transaction accounts
use for individuals is a single regular payment in either a weekly wage and regular payments
money either does not attract interest or it is very low
to overdraw
to set a limit to the size of the overdraft
may stipulate the date by which the account is back in credit
consumer loans
credit loans
payments are made at regular intervals
the payments are for a fixed amount
mortgage loans
Loans with real estate as the security for loan repayment typically used to purchase a home
business loans
Short-term have a term of less than one year and may be used for purchasing inventory or for a seasonal need
A line of credit is a preapproved credit limit against which the business borrows
can be closed or open end
Long-term are made for a term longer than one year and may be used for expanding a business or purchasing equipment
a point-of-sale (POS) terminal
to authorize a transfer of funds from his or her deposit account directly to the merchant’s bank account
a safe deposit box
store valuable papers and small objects