2. Commercial banks

These are the public or private banks which people use for their everyday money matters. If you have a bank account for example, it will be at a commercial bank.

There are three basic types of bank account:

• Current account. This type of account is used for everyday transactions such as paying bills, transferring money and drawing cheques. You can have an overdraft on this type of account (that means you can withdraw more money than you have in the account, although you will have to pay interest for this service), but you don't usually receive interest on the money you pay in.

• Deposit account. This type of account may be used for short-term, small savings; the money paid in earns a small amount of interest. It is not possible to draw cheques or have an overdraft on this type ofaccount, but it is possible to transfer money to it from a current account.

• Investment account. Money paid into this type of account earns more interest, but the customer has to inform the bank in advance when he wants to withdraw his money. If it is a fixed-term account, he may not be able to withdraw the money for a certain period agreed with the bank (for example, five years). This type of account may be used for larger, long-term savings

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Заняття № 26

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І Організаційний момент. Привітання

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ІІІ. Основна частина.

Letter of credit

A letter of credit is a promise made by the buyer's bank (the opening or issuing bank) to send a certain sum of money to the seller's bank (the advising bank), to be credited to the seller, known as the beneficiary, provided he fulfils his part of the sales contract. It is also known as a documentary credit.

Types of letter of credit

A revocable letter of credit can be cancelled or changed without the seller's agreement. As this doesn't offer the seller much control over payment, this type of letter of credit is rarely used.

An irrevocable letter of credit can be cancelled or changed, but only with the agreement of all parties. All letters of credit are irrevocable unless expressly stated otherwise.