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PART II

3 SOME ASPECTS OF COMMERCIAL BANKING

Apart from dealing with exporters and importers, please note that banks also provide commercial services to clients in home banking. Here are some aspects of commercial banking.

3.1 OPENING A CURRENT ACCOUNT

Opening a current account for a company the bank is interested in certain details of the business, which include its address, legal status, its activities, connected companies etc. The bank also needs to know the names and signatures of the owners of the business and who has the right to sign cheques. Sometimes the company may want two signatures on each cheque.

Messrs. Nolestru & Nolestru

67 Eastern Road, Birmingham

Our ref.

 

Your ref.

4 November 20__

South Bank South bank House Borough Road London SE1 0AA

Dear Sir,

With reference to the telephone conversation of today’s date I would ask you to open a current account in the trading name of Messrs. Nolestru & Nolestru, 67 Eastern Road, Birmingham.

I enclose specimen signatures of the partners, either of whom may sign documents on behalf of the company. You may apply for references about my financial standing to Brawn & Co. banking with your branch. A cheque for 1,000.00 pounds and a paying-in slip are attached hereto.

Yours faithfully,

A.Putley

A.Putley

Finance Manager