click below
click below
Normal Size Small Size show me how
Commercial banks
By Catalina 1.4
Question | Answer |
---|---|
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 |