ZIMSEC O Level Commerce Notes: Money and Banking: Commercial Banks

Commercial Banks

  • Is a bank that offers services to the general public and to companies.
  • For example Barclays, Standard Chartered, Stanbic and BancABC.

Services offered

  • They accept deposits in the form of current, savings and fixed deposits accounts.
  • They receive or make payments through cheques, direct debit and credit transfers.
  • They provide finance through loans and overdrafts.
  • They provide foreign currency, travellers cheques or bank drafts.
  • They offer credit and ATM cards.
  • They provide ATMs.
  • They safeguard valuables such as title deeds and certificates.
  • They give out financial advice.
  • They offer night safe facilities.
  • They accept and discount Bills of exchange.
  • They provide Bancassurance.
  • They provide tele-banking facilities.
  • They act as trustees and executors.
  • They offer interest on account balances.
  • They offer point-of-sale in supermarkets.
  • They issue letter of credit.
  • They act as underwriters.

To access more topics and learn more about banking services provided by Commercial Banks go to the Commerce Notes page.