Banking Fundamentals: Accounts, Checks, and Deposit Regulations
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Fundamentals of Banking and Financial Instruments
Current Accounts: Features, Rights, and Duties
18. What is the attractive feature of a current account?
Answer: Operational agility and comfort, as collections and payments can be made by delivery of checks, substituting the use of cash.
19. Indicate two rights and two duties of the current account holder.
Answer:
- Rights:
- Dispose of the account balance.
- Realize transfers, payment orders, and payments.
- Duties:
- Do not issue operations that result in an overdraft.
- Communicate address changes to the bank.
Understanding Checks (Cheques)
20. If the amount written in numbers on a check does not match the amount written in characters, which one prevails?
Answer: The amount written in characters (the letter written)... Continue reading "Banking Fundamentals: Accounts, Checks, and Deposit Regulations" »