WEEK EIGHT
TOPIC: KEEPING MONEY IN THE BANK
CONTENT:
ADVANTAGES OF KEEPING MONEY IN THE BANK:
1. ACCESS TO LOAN FACILITIES: Bank customers who operate a current account have access to loans in the bank.
2.
EASY ACCESS TO OR WITHDRAWAL OF MONEY: With the Automated Teller Machine (ATM) bank customers can withdraw their money any time of the day.
3. PREVENTS RISK OF THEFT OR LOSS: Money kept in the bank are safe from being stolen by thieves or armed robbers.
4. PREVENTS RECKLESS SPENDING: By saving money in the bank one is forced to carefully spend whatever is left with him.
5. CUSTOMERS RECEIVE INTEREST.
SOLUTIONS TO THE PROBLEMS OF SAVING MONEY IN THE BANK:
1. PUBLIC ENLIGHTENMENT: The Central Bank should launch more on educating the public on the advantages of saving money in the bank. Also the customers should be trained on how to manage and monitor their account to avoid being victims of fraud.
2. PATIENCE AND ENDURANCE: Customers should learn to be patient with bank officials to get the best of their services.
3. ESTABLISHMENT OF MORE BRANCHES: Banks should endeavour to create more branches of their banks to decongest banking halls.
4. MAINTENANCE OF GADGETS: If there is constant maintenance and servicing of gadgets like the ATM and computers used in the banks, they will function more efficiently.
5. PUNISHMENT FOR FRAUDSTERS: Banks should ensure that anyone caught and arrested for fraud should be handed over to the people concerned for severe punishment.
Assignment:
1. State two advantages of keeping money in the bank.
2. Explain three solutions to problems faced with keeping money in the bank.