ZIMSEC O Level Commerce Notes: Money and Banking: Building Societies
- Is a type of a financial institution.
- A building society is a financial organization which pays interest on investments by its members and lends capital for the purchase or improvement of houses.
- The following building societies currently operate in Zimbabwe: CBZ Building Society, ZB building society, CABS and FBC building society.
- Safe keep depositors’ deposits through savings, deposits and fixed share accounts.
- Provide mortgage finance and other forms of building loans.
- The provide Automated Teller Machines (ATMs).
- They provide purchase points e.g. in supermarkets.
- They provide cash and switch cards
- They issue certified cheques upon request.
- Operate stop orders for their clients.
- Give advice on investment portfolios.
- They give loans against paid up permanent shares (PUPS).
- They facilitate RTGS transfers.
To learn about other Financial institutions go to the Financial Institutions page.
To access more topics go to the Commerce Notes page.