Banking Resources

DEFINITION OF BANKING:

As a noun: Generally understood as an institution that holds a banking licence.

The essential function of a bank is to provide services related to the storing of deposits and the extending of credit. The evolution of banking dates back to the earliest writing, and continues in the present where a bank is a financial institution that provides banking and other financial services

As a verb: Engaging in the business of keeping money for savings and checking accounts or for exchange or for issuing loans and credit etc: Transacting business with a bank; depositing or withdrawing funds or requesting a loan etc.

TO OPEN A BANK ACCOUNT:

Make an appointment with your chosen bank they will probably want to see most of the following:

- A business plan (at least a brief one),

- Where your start up finance is coming from (if applicable)

- Information about signatories and who, if any, are your partners

- A general run through of the business

- If you are a limited company the bank may well want to see the Certificate of Incorporation (issued to you when you form a limited company

ONLINE BANKING:

Online banking (Internet banking) is a term used for performing transactions, payments etc. over the internet through a bank's secure website. This can be very useful, especially for banking outside bank hours and banking from anywhere where internet access is available. In most cases a web browser such as Internet Explorer is used and any normal internet connection is suitable. No special software or hardware is usually needed.

BUSINESS BANKING:

Major banks will offer special services for businesses. These can include factoring your invoices so that you have the money immediately available without waiting for the Customer to pay.

PROCESSING CUSTOMER CREDIT / DEBIT CARDS

There are a number of different companies who will provide an account whereby payments from customers may be processed via the telephone line. They may vary in the services they offer according to the size and turnover of your business.

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