Explain five services that are offered by commercial banks to their customers.

      

Explain five services that are offered by commercial banks to their customers.

  

Answers


Kavungya
i)Safekeeping of valuable items commercial banks act as custodian of valuable items for their clients e.g wills, title, deeds & jewelery.
ii)They lend money to their clients in form of loans, overdrafts of discounting bills of exchange ad promising notes.
iii)They receive money deposits from their clients commercial banks operate three types of accounts for this purpose- savings, current and fixed deposit accounts.
iv)Facilitate international payments through letters of credit.
v)They advice their clients on financial and investment matters.
vi)They act as management trustees of properties of business of decreased clients.
vii)They act as referees for their clients during a credit status inquiry
Kavungya answered the question on September 26, 2019 at 07:31


Next: On 1st January 2012 Manga traders had 180,000 cash in hand and a bank credit balance of Shs.57,500. During the month the following transactions...
Previous: The diagram below show a battery of e.m.f 12V and an internal resistance of 0.17O connected to a combination of resistors.

View More Business Studies Questions and Answers | Return to Questions Index


Exams With Marking Schemes

Related Questions