(a) Assume that you are a retail trader and want to open a current account with a branch of a commercial bank. Write out four steps to be taken in opening t...

(a) Four steps in opening a current account with a commercial bank

1. Obtain and complete an account-opening form. The retailer collects the application form from the bank and fills in personal and business details such as name, address, occupation and nature of business.
2. Provide references and required documents. He supplies two respectable referees who already hold accounts, plus means of identification, passport photographs, and (for a business) evidence of registration.
3. Make the minimum opening deposit. He pays in the amount required by the bank to open and activate the account.
4. Supply specimen signatures and receive a cheque book. He signs a specimen signature card so the bank can verify his signature, and on approval he is issued a cheque book and paying-in book.

(b) Six services provided by a commercial bank

1. Accepting deposits (current, savings and fixed deposit accounts).
2. Lending money through loans and overdrafts.
3. Providing means of payment such as cheques, standing orders and drafts.
4. Safe-keeping of valuables and documents (safe custody).
5. Foreign exchange services and transfer of money.
6. Acting as a referee and giving financial advice to customers.

(Also acceptable: issuing bank statements, night safe facilities, executor and trustee services.)