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i) Access to overdraft facilities -Banks may allow a current account holder to withdraw amounts of money over and above what is in his/her account.
ii) Able to use cheques-Current account holders are allowed to use cheques as a means of payment.Cheques are convenient to pay huge amounts of money, saves a lot of time,are more safe and can be used as evidence of payment.
iii) Not required to maintain a minimum balance. - Current account holders can use their finances for the benefit of business
because banks dont require them to maintain minimum balances.
iv) No restrictions of withdrawals-Trader can withdraw any amount any time during working hours of the bank without restriction.
v) Trader can monitor the account.- Banks send issue bank statements to current account holders regularly enabling
the account holder to monitor the account.
vi) Can make payments using post dated cheques.If trader has insufficient funds in his account, he can issue a postdated cheque.
johnson mwenjera answered the question on February 11, 2018 at 20:21
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