Financial products for Financial products for residentsresidents

Dagmar Toscherová

Who is a resident?Who is a resident?

Resident is a person who has a relationship to a particular state

Resident in Czech Republic = a person who live in Czech Republic

Basic types of financial productsBasic types of financial products

Bank accountsPayment cardsLoansSavingInsurance

Bank accountsBank accounts

Personal account This account ensure cash and cashless payments. Interest on the is very low.

Savings account• Is for saving temporarily available founds. Interest ist higher.

Direct banking With direct banking manages client his finances via the internet or mobile

phone. It´s secure, fast and convenient. Save time and money.

Account for young Are for childern or young people. The account has many benefits.

Business account Is a very similar to a personal account, only the account holder´s name is

the business DBA name. The account holder can perform basic banking transaction, such as deposits, withdrawals and transfers.

Payment cardsPayment cards

= a card that be used by a cardholder and accepted by merchant to make a payment for a purchase or in payment of some other obligation

Types:Credit card → client pays with bank moneyDebit card → client pays with his moneyCharge card,…

LoansLoans

Loan is an arrangement in which a lender (bank) gives money to a borrower, and the borrower agrees to repay the money.

Usually along with interest, at some future point in time.

Usually, there is a predetermined time for repaying a loan.

SavingSavingSaving account

Time deposit Is savings account in financial institution for a fixed term with interest by

the ammount of the deposit. Higher deposit = higher interest.

Building savings In Czech Republic is very popular savings product. The client can get a

cheap loan for living. State povides a contribution for this saving.

Bankbook (Passbook) Is a book given by bank to rekord deposits, withdrawals and interes.

InsuranceInsuranceIs a promise of compensation for specific

potencial future loss in exchange for a periodic payment.

Agreeing to the terms of a insurance police creates a contract between the insured and the insurer.

Examples: car/life/businnes,… insurance

QuestionsQuestions

What documents needs a resident for opening person account?

Have any of you a loan? What do you think about high interest?