Introduction to Commercial Banks

Banking A commercial bank is a business that

provides financial services to personal and business customers

Other Financial Institutions

An Post

Building Societies

Credit Unions

Services offered by Banks Money Withdrawal Money Transfers Savings Loans/Mortgages Foreign Exchange 24- hour Banking Night Safe

Current Account An account for day-to-day banking

An account into which a person puts money so that payments can be made by◦ Cheque◦ ATM◦ Laser card◦ Standing order◦ Direct debit.

Overdraft – withdraw more money than what is in the account

Fees may apply to transactions.

Deposit Account A savings account

An account into which a person deposits any money they want to save, any money left over at the end of the month

Account holders receive interest on savings

But must pay tax on this interest (DIRT)

Steps in opening a bank account

Automated Teller Machine (ATM) allows money to be withdrawn from your account

How to use an ATM

ATM

On-Line/24 Hour Banking

Banking over the telephone or on the internet, 24 hours per day, 365 days per year.

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On-Line/24 Hour Banking (continued)

Facilities include: checking your account balance transfer money between your accounts transfer money to other accounts, i.e. pay bills apply for a bank loan, a bank overdraft or a credit

card

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On-Line/24 Hour Banking

Access to on-line banking is through a customer identification number and a password.

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A deposit slot on the outside of a bank allowing money to be deposited into the bank's safe outside of bank opening hours e.g. at night

Night safes

Banking Facitilities