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Money and banking

Most people keep money in a bank account because it is safer and more convenient to keep momey at a bank than as cash. You can also earn interest on money in a bank.


2. People use their bank accounts to :
Withdraw and deposit money.
Pay for purchases and services.
Make regular payments of bills etc.
Accept regular payments of items such as wages.


3. Banks use computerised information systems to manage accounts because :
A large bank may have several million accounts to manage.
Computerised systems can store vast amounts of data in a small space.
Using a WAN account information can be made available worldwide.
Account information can be retrieved very quickly using transaction processing.
A large number of automatic transfers and regular payments could not be completed manually.
Many measures can be used to keep computerised data secure.


4. Important features of a bank account are :

Debit Card A card which can be used to pay for g...

Posted by: Jason Cashmere

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