Financial Service Providers - Coggle Diagram
Financial Service Providers
a financial service provider is a financial institution that provides is customers with their financial needs
a current account is for customers to use for day to day banking. e.g lodging / withdrawing
a deposit account is for customers to save. Money is easily lodged but hard to withdraw. Interest is earned through this account.
a standing order is an instruction to the bank to pay a third party a fixed amount of money on a fixed date.
a direct debit is an instruction given to the bank to pay a third party a variable amount of money on a variable date.
Easy and quick, open 24 hours a day for 364 days
Not everyone has access to it e.g people without WiFi, possibility of getting hacked