Theory question 103
BankingCommerce 2 (essay)
(a) Assume that you are a retail trader and want to open a current account with a branch of a commercial bank. Write out four steps to be taken in opening the account
(b) State six services provided by a commercial bank
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(a) Any four, in order: go to the bank and collect/complete the account opening form; provide references (two referees who hold current accounts) and documents (business registration, passport photographs, identification); give specimen signatures on a specimen signature card; pay in the initial (minimum) deposit; after references are checked, collect the cheque book and paying-in book.
(b) Any six: accepting deposits (current, savings, fixed); granting loans and overdrafts; making payments by cheque, standing order and credit transfer; safe keeping of valuables; issuing bank drafts; foreign exchange and letters of credit; discounting bills of exchange; financial advice; acting as executors/trustees; ATM/electronic banking.
The steps in (a) should follow a logical order.