Importance of Banking

Importance of Banking

Image credit voanewszimbabwe.com

Image credit voanewszimbabwe.com

ZIMSEC O Level Commerce Notes: Aids to Trade: Banking

Banking

  • Enables making of payments.
  • Enables receiving of payment through cheques, stop order or bill of exchange.
  • Keeps money safe through current, savings, deposit and fixed accounts.
  • Acts as trustees and executors.
  • Acts as underwriters when they buy unsubscribed shares of public limited companies.
  • Provides night safes.
  • Provides finance through loans and overdrafts.
  • Offers trade information.
  • Provides financial advice to clients.
  • Provides safe custody of valuables such as title deeds or certificates.
  • Offers interest to savings and deposit accounts.
  • Provides credit cards, ATMs.
  • Accepts and discounts bills of Exchange.
  • Provides bancassurance or bank-insurance.
  • Provide tele-banking.

To access more topics go to the Commerce Notes page

By |2017-01-17T11:18:29+00:00August 7th, 2015|Notes, O Level Commerce Notes, Ordinary Level Notes|Comments Off on Importance of Banking

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He holds an Honours in Accountancy degree from the University of Zimbabwe. He is passionate about technology and its practical application in today's world.
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