Banking Essay

1557 words - 6 pages

I visited the Suncorp Metway bank and the lady who helped me was extremely helpful and gave me lots of information. She was really pleased that school's are teaching students about the banking facilities available.In addition to savings and cheque accounts this bank offers services such as insurance, investment, loans, superannuating and equipment leasing services.Their insurance facility covers home, car, life, boat, comprehensive third party and commercial and rural insurance.The types of investment that can be made through Suncorp Metway are cash, fixed- interest, shares, property and managed investments.Suncorp Metway provides a variety of different types of loans. These include home, commercial lending, investment property, margin lending, small business and personal finance loans.Suncorp Metway also offer's superannuation, there are only two types of superannuation that they have to offer. These are esuper and easy super. Esuper is an online account for registered member and employers. Easysuper offers personal and pension superannuation.Equipment finance and leasing is another facility that Suncorp Metway has to offer. They offer novated lease agreement, leasing, chattel mortgage, asset purchase agreement and equipment rental.Copies of the deposit and withdrawal forms for a savings account have been collected and attached as an appendage to the assignment.When opening a new cheque account it is law that you supply your correct identification. New customers need to supply the bank with identification documents totaling 100 points. You receive certain amounts for points for each piece of identification submitted. For instance, a passport and birth certificate or citizenship certificate are each worth seventy points. A driver's license, social security card, public service or education card are worth 40 points each. This identification is required so people do not set up bank accounts in false names as this practice is actually against the law. Bank accounts in false could be used to evade taxation.Page 2When taking up a cheque account many conditions must be abided by in order to keep the account open. Only cheque forms provided by the bank can be used. This is to ensure all information is provided by acting as a reminder and by being in the proper set position, enables bank staff to easily read the forms as they are all uniform. Bank computers are set up so that cheques can be fed into them and then interpreted. Unless the cheques were all the same this could not happen.The owner of the cheque acknowledges that the cheque is a request for the bank to pay funds from their account. This is to ensure that the customer understands the cheque's purpose. There has to be enough money in the account to cover the cheque. The bank cannot be expected to provide funds for a client as there is no agreement to do so ie there is not a loan agreement. The bank has the right to either pay or dishonor the cheque and can charge a fee for this. Banks keep a...

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