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Banking Products&Services - Coggle Diagram
Banking Products&Services
Two major categories of deposit accounts
Transaction accounts
non-interest earning checking accounts:
demand deposits
interest earning checking accounts:
Negotiable orders of frequently known as interest checking or gold checking normally pay interest but the interest rate on NOW accounts is usually relatively low when compared to savings
accounts.
Savings accounts
If customer of a bank who has opened a savings account
also has a current account regular payments into a deposit account can be made through a standing order to the bank who will automatically transfer the agreed amount according to your instructions.
Time deposit account (such as a Certificate of Deposit)
which always have the exact maturity date that is always disclosed in advance and agreed to by both parties.
Loans
Business loans
Long-term business loans
are made for a term longer than one year and may be used for purposes such as expanding a business or purchasing equipment.
A line of credit
is essentially a preapproved credit limit against which the business borrows.
In a closed-end line of credit
, the business borrows and repays the funds within a certain time limit.
In an open-end line of credit,
the business can borrow any amount up to the approved limit, make repayments, and borrow again up to the limit.
Short-term business loans
typically have a term of less than one year and may be used for purposes such as purchasing inventory or for a seasonal need.
Consumer loans
Installment credit
Mortgage loans
Electronic banking services
Remote terminals
are simply machines that allow customers to access accounts without the personal assistance of a bank employee.
Automated teller machine
: allow customers to conduct a variety of transactions on their accounts, such as withdrawals, deposits, loan and credit card payments, and balance and account history inquiries.
Point-of-sale (POS) terminal.
: located at a merchant, and the customer uses the terminal to authorize a transfer of funds from his or her deposit account directly to the merchant’s bank account.
Safe deposit box