Introduction to Banks and Bank Accounts

By: DANIEL GOSS


posted on: September 30th, 2019

This article is sponsored by REdy Money, your destination for all things finance and banking.

WHAT DOES A BANK DO?

A bank is a company that deals with money. They store money for customers and lend money out to customers. Banks also help their customers send money to other people. The customer of a bank could be a single person or a business or a country.

HOW DO I USE A BANK?

To store money in a bank or borrow from the bank you first need a bank account. A bank account keeps track of your money. You can then check your bank account to see how much money you have and use other services of the bank.

HOW DO I MAKE A BANK ACCOUNT?

To open an account you first have to apply to have the account. After this you have to provide some documents such as an ID card.

You can apply to have an account in two ways:

Banks have branches in cities and some towns which you can go in. When you go in the bank you can ask to open an account.

Remember that sometimes you have to make an appointment to apply for the account. Also, sometimes you can take the documents in and open the account when your there. It is good to call before you go to ask these things.

APPLYING FOR A BANK ONLINE?

You can sometimes ask to open an account on the internet or on mobile. You can then fill in your details. Mostly they will they ask you to come into the branch later on to show them the documents.

After they accept your application and you show them the documents, the bank gives you the details to the account.

Do you have a question which hasn’t been answered? Ask our expert on our forum above!

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