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