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WHAT CAN I DO WITH MY BANK ACCOUNT?
There are 3 main things you can do with a bank account.
1. You can store money in it.
2. You can borrow money from the bank
3. You can transfer money to other bank accounts.
WHAT HAPPENS WHEN YOU STORE MONEY IN THE BANK?
You can store your own money in your bank account. This is when the bank holds on to your money until you want to take it back or spend it later. This is also called saving money in the bank. You can then store more money in your bank account. This is called a deposit. You can also take money out of the bank account. This is called a withdrawal
WHAT HAPPENS WHEN YOU BORROW MONEY FROM THE BANK?
You can also borrow money from the bank. This is when the bank lends you money for some time and you have to pay it back later. This is also called a loan. You have to apply to the bank for a loan. You can do this online or in the branch.
WHAT HAPPENS WHEN YOU TRANSFER MONEY?
You can send money from one bank account to someone else’s bank account like a friend or family or someone you owe. This is a transfer.
To make a transfer you have four ways:
1. Go into the bank branch
2. Call the bank
3. Use online banking
4. Use mobile banking
Remember to note down the bank account details of the person you are transferring to. You need this to make sure you are sending money to the right person.
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