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Daily Financial Services
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Day-to-day Banking Services
Our daily financial banking needs changed rapidly in the last 30 years. The
range of accounts to deposit money expanded, better adjusted to
the required needs of the individual client. Cheques are handled
nowadays in a much quicker and saver way. The payment cards were
introduced reducing transactions in cash drastically and the safety
deposit boxes are today just regular items. Money orders processed
in real time from one time zone to another time zone are not unusual
anymore. Lending money from the bank, financing the mortgage and
starting the business with a loan is nowadays possible by comparing
the different interest rates banks charge online and then simply
choose the best offer. So many
things changed and adapted to the innovative technology and to the
advantage of the banks clientele.
Managing your day-to-day money needs is provided by banking services,
offering you a wide palette of choices to safeguard your belongings.
The service portfolio expanded from the traditional financial services
to selling even insurance products, investment products and stock
broking.
Bank accounts
A personal account lets you withdraw and deposit funds, cash cheques, pay bills, transfer money into other accounts you might own and receive interest. Based on marketing considerations financial institutions call their accounts different names - but generally all three types, listed below, are placed into the category personal accounts:
- Savings Account
provides a way to keep your money in a safe place and pays interest over
the amount of money in the account.
- Chequing Account
most popular and practical. This account is for covering your every day
needs like paying bills, pay for your shopping.
- Combination Account
part savings and part chequing account. This account may
pay interest on deposits. Service charges and flat-fee plans vary according
to the financial institution.
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Private banking account
This personalized banking service is offered to individuals with complex credit
and investment needs handling all above in combination with one contact person
providing personal advice and guidance through the financial jungle.
Automated Banking Machine (ABM)
This self-service machine handles all routine banking transactions for all above
mentionend bank accounts. Using a client card and the strictly confidential Personal
Identification Number (PIN) withdrawals and deposits can be conducted; transferring
money between accounts is possible. When accessing your account staying
in a foreign country the machines is able to connect to the international
network and processes your money request. The machine additionally handles cash
advances, updates records and pays bills. Availability is high and ABMs are
pretty much everywhere where money is spend and needed - just to name a few locations:
bank lobby, train station, in the city center, airport and shopping
malls.
Glossary
Bill Payment
Bills can be paid through the service of your bank on a single and repeating
basis. Monthly bills, such as telephone and electricity bill, insurances or a
membership fee are processes as a pre-authorized payment plan. This provides
punctual automated payments. On specified days the payments are processed by
the bank and transferred into the accounts of the listed receivers.
Cheques:
Account owners with chequing privileges, can write cheques to others
as a way of paying for services and goods. It is a written order to the bank
that a specific amount of money will be transferred to the party stated in the
cheque. A cheque can guarantee funds availability. The cheque can be "certified" by
the bank through withdrawing the specified amount of money from the account and
make the money available for the person to whom the cheque is written on the
specified date.
Direct Deposit:
This service provides a direct transfer of funds electronically. The
receiver is automatically credited with the money that is due on a specific date.
When you are a receiver of a direct deposit instant access on the specified date
to your money is the benefit.
Foreign Currency Exchange:
Changes the money from one country's currency to another. A wide variety
of financial companies are offering this service.
Funds Transfer
Is the term used when money is transferred between accounts held by the same
customer. This can be arrange by the owner of the accounts or automatically.
The ABM can be used to process the transfers, or it can be arranged by pre-approved
payment, telephone banking or the Internet.
Interac Direct Payment (IDP)
This is a safe and secure way of handling your money. The banking or
client card (i.e., debit card), can be used to pay for purchases. A point-of-sale
terminal offers retailers to cash the payments of clients by Interac Direct Payment
(IDP). The payment is authorized by the card holder filling in the personal identification
number. The automatic transfer of funds from the card holder account into the
retailer's account is processed immediately. A record is kept for all payments
handled by IDP.
Money Orders and Drafts
A specified amount of money to the person/organization named on the
money order/draft, instructs the bank to pay the specified amount.
Night Depositories
Clients can drop off important financial documents or deposit cash
by placing them in a special box or sack they have received by the bank, identifying
them as the rightful depositors of the content. 7 days a week and 24 hours a
day this special service is available. Placing of the boxes or sacks by the clients
into the "deposit box" of the bank can take place any time of the day. This service
is the solution for not to have large amount of money overnight in the
store or valuables at the office.
Overdraft Protection
With overdraft protection, the bank covers the amount overdrawn in
a chequing account by advancing the funds (usually up to a specified limit).
A cheque issued without enough funds in the account to cover it, risks the payment
being refused and the account owner will be charged an administration fee by
the bank.
Online Internet Banking
Transferring money between accounts or paying bills from a personal
computer is possible by using the internet connection or the banks installed
software. The account is accessed through the bank's web site.
Safety Deposit Boxes
Valuable objects or important documents are best kept in the safety
deposit box, located in the vault of the financial institution. The boxes are
leased and mostly paid for annually. They are under the exclusive control of
the customer who has one of the two keys. The box can be accessed by using the
second key kept by the bank. Without both keys, the box cannot be opened.
Safekeeping of Valuables
Offered on a temporary basis, this service of the banks allows clients to leave
valuables such as share bonds, certificates and investment certificates in the
vault of the financial institution.
Stop Payment
When filing an order at the bank to cancel payments, for example of
an automatic transfer, direct deposit or cheque, previous bank orders can be
reversed (the payment is stopped).
Telephone Banking
For customers convenience the telephone service is offered. By using
the telephone (at home or any location) a range of banking activities 24 hours
a day is available and can be processed.
Traveler's Cheques
Carrying funds when traveling in different currencies, including Canadian Dollars,
the traveler’s cheques are accepted worldwide. In Europe not all banks
are accepting them but will send the holder of the cheques to another financial
institution (i.e. The Netherlands). When signed and rightful ownership is proven
by passport identification, the payee
provides change in the local currency. Hotels usually accept them as payment.
If lost or stolen traveler’s cheques can be replaced. They are therefore
a safe way to carry large amounts of money.
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