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10 pdic is an institution that insures bank deposits

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10. PDIC is an institution that insures bank deposits. What does it stand for?A. Philippine Dangerous Income CheckB. Philippine Deposit Insurance CorporationC. Philippine Depository Insurance CompanyD. Philippine International Insurance Check
3COMMON TYPES OF BANK ACCOUNTSThere are two common types of bank accounts maintained by abusiness. Lets get to know some of their characteristics.SAVINGSCURRENTPurpose of opening abank accountTo save moneyFacilitate financialtransactionsIdeal useEmployees/PersonalUseEmployer/BusinessInterest rate offered bythe bankLowNone/lower thansavings if anyDaily MaintainingBalance required bythe bankLowHighOverdraft (bankservice that allows anaccount holder towithdraw a little morebeyond his/herbalance)Not allowedAllowedEvidence oftransactionsPassbook, deposit andwithdrawal slipsDeposit slips, Checksand Bank StatementDocuments Requiredfor opening an accountID, Proof of Address,Picture, Reference ofExisting account holderID, Proof of Address,Picture, Proof ofBusiness
4The services intended for savings account provide incentive foraccount holders to save and earn minimal interest for keeping a minimumbalance, while current account allows the convenience of having multipletransactions, withdrawals and payments through checks suitable forbusinesses. Because of its fast cash turnover, current accounts rarelyearn interest except for hybrid (combination of savings and current)accounts for premium deposits.Another type of bank account is theTime Deposit/ Certificate ofDeposit. It is type of savings account with a fixed-term and can only bewithdrawn after the lapse of the agreed period and upon giving notice tothe bank.Although savings accounts are linked with a passbook (record ofdeposit, withdrawal and earnings), a popularly used savings accountnowadays is aDebit cardor anATM (Automated Teller Machine)account wherein withdrawals can be made through designated machines.This also allow the account holder to use the card to make cashlesspayments in various establishments.DEPOSIT AND WITHDRAWAL SLIPSDepositors under savings accounts can make deposits orwithdrawals using the bank deposit and withdrawal forms provided by thebank. These will be used for bank transactions and are handed to thebank teller for verification and recordingA.Deposit SlipAdeposit slipis used by the depositor to put money in the bank.Deposit slips are uniquely designed for the specific need of each bank.However, the essential information required to make a deposit are thesame.
5Steps in preparing a Deposit Slip. The following information are to bewritten in a deposit slip.1.Date2.Account holder. (Make sure to write the complete name of theaccount holder.)3.Account number. (To make sure that the deposits are credited to thecorrect account. This is usually found in the first page of the accountholders passbook)4.Type of Account5.Currency6.Amount in words and in figures –the amount of the deposit7.Details/Breakdown-Deposits maybe in form of cash or check.

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Term
Summer
Professor
PMS
Tags
Cheque, Deposit account, Banking terms and equipment, Savings account

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