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Commercial banks

By Catalina 1.4

QuestionAnswer
What is a deposit account? It's an account for customers who want to save money. Interest is paid each year.
What is DIRT? Customers who get interest pay a tax called Deposit Interest Retention Tax (DIRT). It is taken away by the bank before the interest is added to your account.
What is a current account? It's an account that is useful for customers who want to pay bills and other expenses.
What is a night safe? It's a metal box placed in the wall of most bank branches. Its used by customers who want to lodge money when the bank is closed. They get a special key and bag to place the money in.
What is a bank overdraft? Permission from your bank to spend more than you have in you account .It is up to an agreed limit, is paid back within a certain time with interest
Created by: business