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Describe three retail banking services appropriate to the needs of two contrasting customers.

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Introduction

Transfer-Encoding: chunked ´╗┐Describe three retail banking services appropriate to the needs of two contrasting customers. I have just finished my first week of training at The Co-operative Bank. It is clear that the pressure is on to sell products to customers, but it is also clear that the product must be suitable. I now must produce a report describing three retail banking services appropriate to the needs of two contrasting customers including teenagers and students and established families. Teenagers and students aged 17 to 22 years of age will use different products from banking services. Firstly, they will use a savings account. A savings account is a deposit account held at a bank or other financial institution that provides principal security and a modest interest rate. When putting money in the savings account interest will be earned. Money can be deposited and withdrawn from the account; the money can be accessed instantly. ...read more.

Middle

It will allow owners of the account to take out more money than they have in their account; there is a limit which is chosen by the bank. There will be interest charges that will need to be paid back. Students and teenagers do not earn a large sum of money due to education and therefore they may need some extra money which could come from an overdraft. They may need the overdraft to pay for school essentials or funds or important bills that they don?t have funds for in their current account. Established families may make use of similar products that teenagers and students will use but also make use of other products that they probably wouldn?t use. For instance established families will make use of secure loans. A secure loan is a loan which is backed by assets belonging to the borrower in order to decrease the risk assumed by the lender. ...read more.

Conclusion

It is relied upon on the person?s income. They will use an unsecure loan on similar things as a secure loan such as providing for family or using the money for a car. The last product an established family can use is a credit card. A credit card is a card issued by a financial company giving the holder an option to borrow funds, usually at point of sale. Credit cards charge interest and are primarily used for short-term financing. An established family may use a credit card to buy essentials for their family that they cannot buy by debit card such as large weekly food shops or presents for children. Another reason why an established family will make use of a credit card is so they can shop online safely. When you buy goods online with a credit card you are protected if it goes wrong. For example, if the item doesn?t get delivered to you or the items are broken. This then means the credit card company will pay you back the money unlike a debit card. ...read more.

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