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Témakör 6 Téma 3 1 Banking services The varied services of the financial sector are carried out by a large number of financial institutions which all have one thing in common: they all collect funds from the public and then use these funds to make loans and investments Commercial banks (known as clearing banks) provide a very wide range of services to costumers. Core banking operations can be classified as traditional branches of banking, electronic transfers and non-financial branches of banking. 1. Traditional branches of banking include the following services: • Deposits: can be collected from private depositors or from public depositors. • Lending: conditions: the three Cs of credit (character + capacity + capital):business loans, consumers loans: repayment terms and interest rates are usually arranged by the borrower, mortgages: contracts by which the owner of property (the mortgagor) borrows money, giving the lender (the mortgagee) an interest in the property as security

for the loan, there are 2 basic types of mortgage (against real estate /on personal property) • bankers services: current-account services, deposit-account services savings-account services 2. The newest service provided by financial institutions is electronic banking: • ATM: Automated Teller Machines: they tan dispense cash from the clients current account. • ACH: Automated Clearing Houses: they make debit and credit transfers between banks easier, quicker and safer • POS: Point of sale terminals: computerized cash registers connected to a banks computer terminal. If a consumer buys something and pays by card it automatically transfers the required amount of any purchase to the stores account 3. Banking businesses include a lot of non-banking services: • Executor and trustee services: banks are allowed to handle real estates or personal property on the basis of trusteeship when people die; they manage pension funds as well. • Investment services: safe custody of demand

deposits • Insurance services • Economic information Internet Banking Internet-based branches provide comfortable and rapid settlement of transactions. It is open for 24 hours a day and it is easy to reach with an internet connection. Services: • Loading statement of your account in the same form that you would receive by post. • You can give a transfer order to one account or a group transfer order to several, different accounts • You can open credit accounts, currency account (transfer in currency, exchange operations, tying up) or securities deposit account Témakör 6 Téma 3 • 2 Retail customers can open savings accounts and handle deposit accounts. To whom it is recommended: • To retail customers with a current account • To companies with small turnover • To one-man businesses Advantages: • You can settle the transfers more easily with computer programs. • There is no need to fill in transfer order forms. • It is a safe system therefore there is no

need for confirmation. • It provides more efficient cash-flow management. Note: The customer has to sign an internet banking contract with the bank and then he will get the necessary software to be able to connect to the system. Some banks do not require software. Vocabulary branch statement of account transfer order group transfer order currency account tying- up securities deposit account one-man business turnover cash-flow management bankfiók számlakivonat átutalási megbízás csoportos átutalási megbízás devizaszámla lekötés értékpapírszámla egyszemélyes vállalkozás forgalom likviditás (pénzforgalom) menedzselés