FBC Building Society. Image credit businessdaily.co.zw

FBC Building Society. Image credit businessdaily.co.zw

ZIMSEC O Level Commerce Notes: Money and Banking: Building Societies

Building Societies

  • Is a type of a financial institution.
  • A building society is a financial organization which pays interest on investments by its members and lends capital for the purchase or improvement of houses.
  • The following building societies currently operate in Zimbabwe: CBZ Building Society, ZB building society, CABS and FBC building society.

Functions

  • Safe keep depositors’ deposits through savings, deposits and fixed share accounts.
  • Provide mortgage finance and other forms of building loans.
  • The provide Automated Teller Machines (ATMs).
  • They provide purchase points e.g. in supermarkets.
  • They provide cash and switch cards
  • They issue certified cheques upon request.
  • Operate stop orders for their clients.
  • Give advice on investment portfolios.
  • They give loans against paid up permanent shares (PUPS).
  • They facilitate RTGS transfers.

To learn about other Financial institutions go to the Financial Institutions page.

To access more topics go to the Commerce Notes page.

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