Banking II

Commerce SSS2 Third Term

WEEK 6

Banking II

Performance Objectives

The student should be able to:

     1. Explain types of account.

     2. Discuss forms of payment.

     3. Distinguish between savings and current account.

Content

Types of Accounts

There are three types of accounts which customers can open in a bank. These are as follows:

1. Current Account: A current account is an account opened by customers in a commercial bank with the aim of making deposit and withdrawal by means of cheque. It is suitable for business and often used by individual, companies and organizations. The customer will be given a cheque book which he uses to withdraw money anytime. Holders of current account are not entitled…