ZIMSEC O Level Commerce Notes: Money and Banking: Commercial Banks
- Is a bank that offers services to the general public and to companies.
- For example Barclays, Standard Chartered, Stanbic and BancABC.
- 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.