Account opening department: In the account opening department I work for two weeks as account opening is the main and important work of bank are based upon the work of accounts and the bank account shows the deposit and then bank provide their best services to their customers. If someone need money or he want to deposit an amount in the bank then firstly he need to open an account in bank. Also during my internship period I work to open many individual accounts. For account opening purpose I learn that there are some documents that are needed for opening an account. These documents are mentioned below: Account opening form Name of person who is interested in opening new account Type of account Computerized copy of national identity Customer service officer is a person whose main function is to help the customer. As a CSO I performed following function. Deposit slip issue, online fund transfer slip issues, statement issue and entering the balancing inquiry of the customers. 5.4.4.3) Clearing department: “Every bank performs the function of paying and collecting on the behalf of their customers. MCB bank collecting cheque of other bank by the customers of contains some fees or not charging any fees that is called clearing.” Clearing of bank mechanism include collection and payments of cheque, demand draft, payment regulate and dividend warrant etc. it’s a best service offer by the bank. It helps the customers a lot necessary role of commercial bank is to accept deposit and to honor cheque drawn upon them. Typically cheques are used for the payment making to account holder. Collection and payments of instrument are known as outward and inward clearing. During my training in clearing department Mr. Usman help me to improve my learning. Types of clearing: There are three types of Procedure: Customer present properly accomplished deposits slip with this instrument to the clearing teller. Clearing banker accept deposit slip and instruments and check deposit slip Account number and the title of account Account number and title of account Signature on the deposit slip beside depositors contact number Amount in words and figure must matched with each other Instrument amount tally with amount mention on deposit slip In both registers the following detailed must be entered: Serial No Account number of the depositor Depositor name Drawer Drawee Cheque number Amount of the cheque Cross stamp on the face of the cheque Clearing stamp The stamp on the back of the cheque payee account will be credited Inward clearing: The instrument and the resolution or the argue by the other banks or other branches of MCB on our branch include cheque draft etc, are drawn by the other bank customers or other branches of MCB bank in clearing few things which are mention
Personal Financial Advisors work behind the scenes with every type of person. They are the people who know how money works, and can tell you the best way to spend yours. They make investments on stocks or bonds, they plan for your retirement or children's college education. Financial advisors are aware of different opportunities and investment plans and they have the means to put your money where it can earn the largest return. A vast majority of people invest money, and more often than not there is a financial advisor by their side. This means that I could find a job as a financial advisor anywhere in the United States and in most other places around the world as well. Of course, it fits to reason that the people directing the world's money
The banking system in Panama makes use of the advanced modern technologies. In Panama City, there are approximately 100 internationally renowned banks. The presence of strict regulations regarding the banking sector by the government has seen the banking sector grow tremendously (Arboleda & Martín 152). For instance, the Panamanian government has come up with strict banking rules and guidelines, to scrutinize all the banking practices so that the banks can give good banking services to all people. To ensure this occurs, the government has ordered the submission of monthly auditing reports from all the banks to the National bank of Panama and to the Panama’s National Banking Commission. All the depositors in any bank need sureties of their securities,
High school seniors takes deep breaths and parade onto the stage. The beginning of a new chapter awaits as they make the journey from one point of the stage to the end. They reflect on what they have been taught in those many years of high school. The most terrifying fact while graduating high school is the next step: making it on their own. Because they have taken part in the appropriate classes, the students are certain that they have gained the correct knowledge to begin making their mark on the world. In high school, it is crucial to achieve the appropriate classes in order to feel ready to take on the world ahead as an adult. However, many students lack proper education. One key example is financial literacy. Financial literacy is the
During this problem happen, there were 100 million transaction is being effected. The deleted information is reenter back to the bank computer system. This problem is take time to solve it. Because of this problem, the bank is promises to all the customer that being effected by this problem that they will reimburse the fires and the late payment f...
MCB is the most reputed banking institution in Mauritius while providing an augmented prominent foothold in the surrounding. Supported and bearing of sound business model modern and adapted channel capabilities and very good customer care the bank has been a model in the history of its leading principles in the advancing of individual. Supported and bearing of sound business model modern and adapted channel capabilities and very good customer care the bank has been a model in the history of its leading principles in the advancing of individual. It cooperates a lot to the economy of the country and now that bank is being diversified worldwide.
a scanning devise that reads reading the bottom of the checks for account routing information. While the actual Dollar a real life person inputs amount of the check with a ten key keypad for entering in numbers in a designated area of the check for accuracy of currency. This method is extremely fast and accurate for banks so that they can process thousands of checks in a timely manner.
This system helps all of these banks provide financial secrecy which is that only you and your banker would legally be allowed to know the financial activity within your account. The financial secrecy, completely different from financial privacy, includes many regulations to maintain this asset of secrecy. For example, many banks would n...
(6)In order to ensure safety of company property, the company bank account should be monitored by someone out of the account payable department. However, in this system, there is no such person who could reconcile the account. As a result, it is difficult to measure whether the payment is equal to the value of purchased good. On top of that, treasurers and account payable clerks can hardly be controlled. The owner of this business is recommended to find some trusted and reliable accountants as supervisors of the company bank account. And the company should also design a system which requires the authorised fingerprint for each payment. This can maximize the protection of the company's property.
...d. The fear comes to the fore when considering the possibility of the bank of not being able to claim reimbursement. If the buyer is insolvent the bank comprehends that, since its applicant has been bankrupt, it will never regain its losses even though it is required to honour the fraudulent documents because of the autonomy principle. Thus, the bank wants to hold in its possession only documents that recognize to be valid and accurate because only in this juncture the bank will have a greater certainty of reimbursement.
In this respect, "credit creation" is the most noteworthy function of commercial banks. While sanctioning a loan to a customer, they do not provide cash to the borrower. As an alternative, they open a deposit account from which the borrower can withdraw. In other words, while sanctioning a loan, they automatically create deposits, known as a "credit creation from commercial banks".
A bank or banking company which is registered as a company, being a body corporate, could not have a mind of its own so as to form the mental element of cheating. A banking company functions through human agents.
Our group have been assinged to discuss on the topic above but in Islamic Banking perspectives. Therefore, before going any further, let us clarify definition of the Principles of Islamic Banking and clarify what are the elements involve in the Principles of Islamic Banking. Beside, we will also do some comparison of product or services offered by both banks which are conventional and Islamic banking. Apart from that, we will also clarify the problems or challenge faced by the agency which practices the Islamic banking in their agency.
Customer service is used to set the direction for the business. In any organization customers should be first priority. Excellent customer service promotes customer satisfaction, employee motivation and gives the business a competitive edge among other businesses. (Adam Toporek, 2012). Excellent customer service is about creating a relationship of trust and loyalty with customers that transcends the interaction of the firm. Customers should be an organization’s number one priority. After all, without customers there will be no business and no income.
The study is primarily designed to find out the continuous issue of the banking system in