BANKS-HANDOUT - HANDOUT(BANKS BANKS An establishment authorized by a government to accept deposits pay interest clear checks make loans act as an

BANKS-HANDOUT - HANDOUT(BANKS BANKS An establishment...

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HANDOUT(BANKS) BANKS An establishment authorized by a government to accept deposits, pay interest, clear checks, make loans, act as an intermediary in financial transactions, and provide other financial services to its customers. The evolution: Before fancy building became the hub for saving money, people had different ways of saving money. Giving your money to a trusted friend to keep for you. Digging a hole and putting the money in it. Putting the money in ‘piggy bank’ which could also be an old container etc. Types of banks Online banks Commercial banks Central banks Contribution of banks to the Canadian economy/ gdp Canada’s banking industry is an essential contributor to the country’s economic growth and well-being. Banks are leading taxpayers, progressive employers and major purchasers of goods and services from Canadian suppliers as well as being good corporate citizens, and Canadians understand the industry’s importance to the country’s economy.
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