World of Banking

Banks provide various services to their customers. These services are designed to make our financial dealings easy and convenient. Some of these services are:

Providing Loans
Remember the money you keep in the bank and the interest paid to you for this? Now, for the Bank to be able to earn income on this money, they lend it to someone who needs money to buy a house or a car but does not have enough money to do this. This type of money is called a loan. The Bank earns income from this loan by charging the borrower a fee. This extra fee is called Interest
 
Providing Financial Tools
Banks provide financial tools for easy access to your money. These tools include cheques, bank drafts and debit cards. 
Cheques and Bank Drafts can be paid directly to an account or a Bank Teller (a person who works for the bank and deals directly with customers) pays the cash to you. 
Debit Cards are used to take out money from an ATM(Automated Teller Machine).
Online and Mobile Banking- Banks also offer Online and Mobile Banking services.These services allow you to carry out your financial activities on your mobile phones, ipads, laptops or computer. It is easy to use and it brings the Bank right to your doorstep. 

How to run an account?
Opening a bank account is one of the best ways to safely keep your money. 
There are different ways you could earn money:
  1. Get a monthly allowance/pocket money from Mom or Dad
  2. Do extra chores around the house to earn extra money
  3. Get a holiday job
  4. Start a small business
Exercise - What other ways do you think you could make extra money?
 
Borrowing is a normal part of our lives. You’ve probably borrowed a book or a DVD from a friend or sibling. The thing about borrowing, though, is that you have to give it back. And in the case of borrowing money, that usually comes at an extra price. When you borrow money from a Bank, the Bank charges you a fee (Interest) for making use of its money. The longer you have the loan with you, the more interest you have to pay. 
The same rule applies to lendinghowever this time you are the one giving out the money. For instance, a friend could ask to borrow N500 to buy a music CD and he promises to pay back N600 in a week. Now, the extra N100 paid back to you is the interest you have earned for lending him the N500.

Exercise: How would explain lending and borrowing to a friend?

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