The commercial banks differ from non-bank financial institutions because they

Assessment: JAMB UTME - Economics - 2003 Subject: Economics

Question 1 Report

The commercial banks differ from non-bank financial institutions because they

Answer Details
Commercial banks differ from non-bank financial institutions because they accept deposits that are withdrawable by cheque. This means that customers can deposit money into their accounts and then withdraw it later using a cheque. Non-bank financial institutions, on the other hand, do not typically accept deposits or offer cheque-writing privileges. Non-bank financial institutions include entities such as insurance companies, pension funds, and investment funds, which mobilize savings, invest surplus funds and contribute to economic development in different ways.

Download The App On Google Playstore

Everything you need to excel in your exams

Green Bridge CBT Mobile App
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning