Services Banks Offer

Types of Account

Deposit account Current or checking account – a deposit

account with additional benefits. E.g. writing checks, using a debit card, etc.

Savings account – with an interest

Types of Loan

Overdraft – allows bank customers to overdraw their account by an agreed amount. Convenient short-term loan. Interest is charged.

Personal loan – repaid with interest over a fixed period, usually for more than 6 months and up to 10 years.

Types of Loan

Commercial loan – a loan to a business to pay for operating costs and the purchase of materials and machinery. Loan is repayable with interest over a fixed period of time.

Mortgage – a long-term loan, often up to 25 years, used by people or firms to buy property. The loan is secured against the property.

Methods of Payment

Cash Direct debit Check (cheque) Debit card Credit card