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).
21. How is the date written on a check?
Answer: In all but the Anoia point.
22. Who signs a check?
Answer: The drawer, and if it is a legal person, they must indicate the business name and the words "by proxy."
23. Write two recommendations for using checks.
Answer:
- Checking whether the checkbook contains sequentially numbered checks.
- Checking the account extracts for checks that have been issued, ensuring they are charged to your account and for the correct amounts.
24. What are the legal deadlines for the payment of checks?
Answer:
- 15 natural days if the check is issued and paid in Spain.
- 20 natural days if issued in Europe and payable in Spain.
- 60 natural days if issued outside of Europe and payable in Spain.
Savings Accounts and Fixed-Term Deposits
25. What was the purpose for which savings books were created?
Answer: They were created to capture and analyze the savings of citizens and families.
26. What happens if a savings account does not register movements during 20 years?
Answer: They are presumed to be abandoned and become null and void; your balance will be given to public finances.
27. What is the purpose of housing savings accounts, and what is their maximum duration?
Answer: Their purpose is to acquire, expand, rehabilitate, or construct the owner's main residence. Maximum duration is 4 years.
28. What is a fixed-term deposit?
Answer: It is a contract of deposit of money where the customer agrees to keep [the funds deposited].
29. What determines the interest rate on a fixed-term deposit?
Answer: It is determined by the timing and amount (NON).
30. What happens if, upon the maturity of a fixed-term deposit, the customer does not contact the bank?
Answer: The bank automatically extends it.