2. Types of Account
Deposit account
Current or checking account – a deposit
account with additional benefits. E.g. writing
checks, using a debit card, etc.
Savings account – with an interest
3. Types of Loan
Overdraft – allows bank customers to
overdraw their account by an agreed amount.
Convenient short-term loan. Interest is
charged.
Personal loan – repaid with interest over a
fixed period, usually for more than 6 months
and up to 10 years.
4. Types of Loan
Commercial loan – a loan to a business to pay
for operating costs and the purchase of
materials and machinery. Loan is repayable
with interest over a fixed period of time.
Mortgage – a long-term loan, often up to 25
years, used by people or firms to buy property.
The loan is secured against the property.
5. Methods of Payment
Cash
Direct debit
Check (cheque)
Debit card
Credit card