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A commercial bank is a business that provides financial services to personal and business customer

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As a reward for saving your money in the bank, the bank will add a small amount of money to your account each year. The amount they add is known as interest and is a percentage of the amount you have saved.

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Customers who earn interest on their savings must pay tax on this interest. This tax is called Deposit Interest Retention Tax (DIRT) and is taken away by the bank before the interest is added to your account

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Advantages of a savings /cash save/ deposit account

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Advantages of a savings /cash save/ deposit account

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It's a convenient way of saving money.

You will receive interest each year on your savings.

You can withdraw your money very easily using automatic teller machines (ATM).

Your savings are completely safe.

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A current account is useful for customers who want to pay bills and other expenses, e.g petrol on a regular basis . In other words , it is an account where we can put money that will be transferred regularly to other people

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Current account holders can use a cheque or a Laser card to pay for goods and services, which is safer and more convenient than having to pay cash.

You can arrange to have your wages paid directly into your account by your employer.

Current account holders can apply for a bank overdraft.

Customers can use the internet and ATM's to gain access to their current account.

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A cheque is a written instruction to your bank to pay a sum of money to another person from your current account.

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1. Postdated cheque: A cheque that has a date on it that is sometime in the future. It cannot be cashed until this date has been reached.

2. Antedated cheque: A cheque that contains a date that is sometime in the past. A cheque must be cashed within six months of the date on the cheque. After six months it becomes a stale cheque
and is no use.

3. Blank cheque: A signed cheque that has some relevant piece of information omitted, e.g. the date, amount of money.

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A dishonoured cheque is a cheque that the bank refuses to cash because there is not enough money in the account.

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A stale cheque is a cheque that is more than six months old.

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A cheque is endorsed when the person named on the cheque (the

payee) signs his or her name on the back of the cheque.

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The use of Debit cards and smart cards to pay for goods and services is called electronic funds transfer at point of sale (EFTPOS).

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A direct debit is where you allow a person or business to request different amounts of money to be paid out of your bank account to their bank account on a regular basis.

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A standing order is where you tell your bank to pay a fixed amount of money from your bank account to another bank account on a regular

basis.

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Paypath is a system operated by most of the main banks where employers can transfer their employees’ wages directly into their bank accounts each week or month.

The employee still receives a payslip, but the money is lodged directly to their account

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A credit transfer is a way of paying bills by transferring money from your bank account directly into another bank account.

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Smart cards are becoming popular as a means of paying for goods and services and will be used a lot more in the future. They are similar to Debit or credit cards except that the magnetic strip also contains a microchip and a memory. Smart cards are often referred to as an electronic purse because the memory in the card can be

loaded with an amount of cash from your current account. Every time you want to purchase goods or services, you hand in your smart card instead of cash and the amount is taken from the card electronically by the terminal installed in the retail outlet

– just like you would remove cash from a purse or wallet. Once the card is empty of funds, it can be inserted into an ATM where, instead of receiving cash, the machine will load the money onto the card.

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Bank draft Is a convenient way of paying for expensive purchases, such as a car

costing €10,000. It would be unsafe to carry that amount of cash to the garage and the garage owner may refuse to accept a cheque because they are worried that there might not be enough money in your account to cover the €10,000 cost

MAKING PAYMENTS

The customer buys the draft from the bank and hands over the

€10,000. The draft is Like a cheque and is made out to the person you want to pay the money to – in this case, the garage. The garage is guaranteed to get paid because the bank has already received the money.