Commercial Banks

Commercial Banks

• Is a bank that offers services to the general public and to companies.
• For example Barclays, Standard Chartered, Stanbic and BancABC.

Services offered

• They accept deposits in the form of current, savings and fixed deposits accounts.
• They receive or make payments through cheques, direct debit and credit transfers.
• They provide finance through loans and overdrafts.
• They provide foreign currency, travellers cheques or bank drafts.
• They offer credit and ATM cards.
• They provide ATMs.
• They safeguard valuables such as title deeds and certificates.
• They give out financial advice.
• They offer night safe facilities.
• They accept and discount Bills of exchange.
• They provide Bancassurance.
• They provide tele-banking facilities.
• They act as trustees and executors.
• They offer interest on account balances.
• They offer point-of-sale in supermarkets.
• They issue letter of credit.
• They act as underwriters.

To access more topics and learn more about banking services provided by Commercial Banks go to the Commerce Notes page.