Banks have different types of accounts with each account made to meet different customer needs. A client can hold more than one bank account but they should be of different types. Each account type has its own advantages and requirement. It is good to research about the types of accounts one can open in Washington dc banks in this area have the customer care section where one can go a get clear information about accounts and financial matters.
These ventures accept customer deposits which are in various categories and are kept in different accounts. Saving deposits are kept in the savings account, have a low interest rate, encourage saving among customers and are suitable to the working class. For large sums of money clients are encouraged to make fixed deposits which are usually done for a specific period of time. They have high interest rates.
However one is not able to get access to chequebooks and bank overdraft when they open this type of account. Interest rates that clients get when they deposit money and due to the number of transactions they carry out are lower as compared to other accounts. For easy withdrawing of money ATMs are given to customers and the fee charged is low.
Another primary function of these ventures is issuing out advances and loans to their customers. The interest rates charged on these loans are higher than the ones charged on some deposits. Examples of advances and loans are cash credits, discounting of bill of exchange, overdrafts among others.
Other types of banking institutions found in Washington dc are Co-operative banking systems. These offer cheap credit to their clients with very little interest rates. The customers of these types of banking are members of co-operatives in the area like housing co-operations. These ventures make it easy for their clients to access facilities and services that they cannot afford like education and health care by issuing out credit. An example of this type of bank is the National Cooperative Bank.
Savings accounts have restrictions about the number of times one withdraws money. The more one saves the higher the interest rates. Some banks will require you to issue them with a notice before you withdraw money from the account. This type of account is solely for the purposes of saving money.
Student accounts as the name suggests are accounts held by students in schools and universities. To open this account among other requirements one should provide an admission letter from their respective school. These accounts have the overdraft facility and have some incentives like complimentary insurance. The limited amount one can keep in the account is low as compared to other accounts. However there are no interest rates that customers get on the money saved in these accounts.
These financial institutions not only keep your money and other valuables safe they also advise you accordingly. To ensure satisfaction among their clients in Washington dc banks will ensure that their services are of high quality, sufficient and very effective. These banks are very easy to access and all customers financial needs will be catered for.
These ventures accept customer deposits which are in various categories and are kept in different accounts. Saving deposits are kept in the savings account, have a low interest rate, encourage saving among customers and are suitable to the working class. For large sums of money clients are encouraged to make fixed deposits which are usually done for a specific period of time. They have high interest rates.
However one is not able to get access to chequebooks and bank overdraft when they open this type of account. Interest rates that clients get when they deposit money and due to the number of transactions they carry out are lower as compared to other accounts. For easy withdrawing of money ATMs are given to customers and the fee charged is low.
Another primary function of these ventures is issuing out advances and loans to their customers. The interest rates charged on these loans are higher than the ones charged on some deposits. Examples of advances and loans are cash credits, discounting of bill of exchange, overdrafts among others.
Other types of banking institutions found in Washington dc are Co-operative banking systems. These offer cheap credit to their clients with very little interest rates. The customers of these types of banking are members of co-operatives in the area like housing co-operations. These ventures make it easy for their clients to access facilities and services that they cannot afford like education and health care by issuing out credit. An example of this type of bank is the National Cooperative Bank.
Savings accounts have restrictions about the number of times one withdraws money. The more one saves the higher the interest rates. Some banks will require you to issue them with a notice before you withdraw money from the account. This type of account is solely for the purposes of saving money.
Student accounts as the name suggests are accounts held by students in schools and universities. To open this account among other requirements one should provide an admission letter from their respective school. These accounts have the overdraft facility and have some incentives like complimentary insurance. The limited amount one can keep in the account is low as compared to other accounts. However there are no interest rates that customers get on the money saved in these accounts.
These financial institutions not only keep your money and other valuables safe they also advise you accordingly. To ensure satisfaction among their clients in Washington dc banks will ensure that their services are of high quality, sufficient and very effective. These banks are very easy to access and all customers financial needs will be catered for.
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