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CHAPTER 8: BANKING PRODUCTS AND SERVICES BANK PRODUCT (ELECTRONIC BANKING …

- - - - :pen: for individuals,societies,club, to place their money for saving and daily withdrawals
    - - :pen: for the placements of funds by individuals or corp to obtain return
      - :pen: the acc holder cannot withdraw the funds until it matures
      - :pen: the interest or profit is paid when the withdrawals are made at the maturity date
  - - - :pen: receipt funds - credit,payment (debit)
      - :pen: for businesses- for their working capital
      - :pen: an introducer is required to open acc who is an existing current acc holder
- - - - Overdraft facility
        :pen: a facility where a customer is allowed to write a cheque on an acc (current acc) which has insufficient funds- bank will cover it
      - Term Loan
        :pen: a single loan for a stated period of time or series of loan on specified dates
        :pen: purpose of loans is to acquire machinery or equipment
        :pen: if for purpose of an asset, the asset purchased will be the collateral
- - - - :lock: Flexibility
      - :lock: Hassle-free payment
      - :lock: Fast and convenience
      - :lock: Wide range of banking facilities
    - - :unlock: Lack of security
      - :unlock: Service not sufficient
      - :unlock: Interruptions of service
      - :unlock: Costly legal and physical infrastructure