30. Commercial bank services: keeping money safe while also allowing withdrawals when needed.

A deposit account is a savings account, current account, or other type of bank account, at a banking institution that allows money to be deposited and withdrawn by the account holder.

Time deposit

A money deposit at a banking institution that cannot be withdrawn for a preset fixed 'term' or period of time. When the term is over it can be withdrawn or it can be rolled over for another term.

Call deposit

A deposit account that allows for the withdrawal of funds without penalty, generally without notification to the bank. Often it bears a favourable interest rate, but also requires a minimum balance to take advantage of the benefits.

In any case putting money on the deposit is not a strict liability between you and bank. You may withdraw your money in any time unlike a loan that is your obligation to pay.

31. Commercial bank services: issuance of chequebooks. Estimated check - a written authorization to conduct bank transfers from payer`s account to the check holder (recipient). Checks are divided into two types: * Checks for payments between legal entities; * Checks for payments between individuals and legal entities. Checks are formed in the checkbooks of 10, 20, 25 sheets. The term of the checkbook, used in the calculations between legal entities, is one year. In agreement with the Bank of validity unused checkbook can be extended. Validity of receipt of such books - 10 days, excluding the day of its issue. The term of the pay check issued to an individual with a legal settlement - three months. Unused check the owner may deposit in the bank for cash deposit or cash. For legal persons it is not covered. Limit of checkbook - the maximum amount by which the taxpayer can write a check (checks) of this book. Bank issues checkbook client based on his statements. To ensure payment of the check in the amount of cash limit checkbook based payment order shall be deposited in a separate account "Calculated checkbooks and settlement checks." Deposited the amount deducted from the bank account of the company or issue credit for this purpose. The owner must keep a record book free balance limit on it, and has no right to write a check for the amount exceeding this balance. Checks drawn after the deadline are invalid. If the check book after it expires unused checks, they returned to the bank and canceled it. The client can extend the book. If checks from checkbook used, and the remaining unused limit, the bank may issue a new book by that amount.

32. Commercial bank services: personal loans.

Personal loan - consumer loan granted for personal (medical), family (education, vacation), or household (extension, repairs, purchase of air conditioner, computer, refrigerator, etc.) use, as opposed to business or commercial use. Such loans are either unsecured, or secured by the asset purchased or by a co-signor (guarantor). Unsecured loans(called signature loans) are advanced on the basis of the borrower's credit-history and ability to repay the loan from personal income. Repayment is usually through fixed amount installments over a fixed term.

Some fitures of personal loans:

Personal loans have a fixed amount.

The amount of personal loans ranges anywhere from $1,000 to $50,000 and depends on your credit rating. The better your credit score, the more money you can borrow for a personal loans. Some banks have a low cap on the amount of personal loan you can borrow. For example, you may be able to borrow only a maximum of $10,000 personal loan. You may be able to take out higher loan amounts at a bank you already have a relationship with.

Personal loans usually have fixed interest rates.

The interest rate is locked and doesn't change for the life of the loan. Like the loan amount, interest rates on personal loans are based on credit rating. The better your credit score, the lower your interest rate. Lower interest rates are ideal because it means you pay a lower cost for borrowing the loan. Some personal loans come with a variable interest rate that changes periodically.

Personal loans a fixed repayment period.

You have a set period of time to repay your personal loan. Loan periods are stated in months, e.g. 12, 24, 36, 48, and 60. Longer repayment periods lower your monthly loan repayment, but they also mean you pay more in interest than if you had a shorter repayment period. Your interest rate may also be tied to your repayment period. For example, you may have a lower interest rate with shorter repayment periods. There may be a penalty for paying your loan off early.