automated teller machine

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Automated Teller Machine : 

Automated Teller Machine Chapter VIII

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The use of automated teller machines for depositing and withdrawing money opened a new method for banks to obtain branches. Several banks have shifted to electronic banking in order to facilitate transactions and to make their services more efficient.

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H ow the ATM’s work In case of BPI, all ATM’S are hooked by a communication line to the main frame computer located at the head office. Power supply is uninterrupted with the use of a generator to assure continuous operation. To use the ATM, the depositor just inserts his ATM card into the slot machine and waits for the word “ready’ on display. He then keys in his personal identification number (PIN) and proceeds with the desires transactions as instructed by the machine.

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c.) The PIN is matched with the encoded number in the card’s magnetic stripe securing access to the computer. If the codes match, the machine goes on with the transactions. The PIN serves as a security measure for the depositor and he is advised not to let others know it. d.) A hotline is usually installed to answer costumer inquiries. This hotline is connected directly to the central office; a monitoring system is installed to give notice if an ATM machine runs out of cash.

Types of Bank Account: 

Types of Bank Account Bank accounts may be opened by individuals (singly or in groups), corporations, legal entities or unincorporated groups. The types of bank accounts include the Single-Name individual account, the Joint Account, the Sole Proprietorship, the corporate, and the Fiduciary accounts.

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The Single-Name Individual Account- This is the simplest type of bank account wherein an individual transactions with the bank under his own name.

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Joint Account- this account is opened by two or more individuals. There are two or more depositors under one account. The joint account has two forms: a. Joint ‘and” account where all depositors have to affix their signature in all transactions with the bank. b. Joint “or” account where any of the depositors is authorized to transact with the bank.

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Sole Proprietorship Account- an account that is opened by an individual for his own business. Partnership Account- this account is opened by a partnership. It is an organization, which is composed of two or more owners who agreed to conduct business and divide the profits among themselves.

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Corporate Account- this type of account is opened by corporations in the conduct by the business. Fiduciary Account- this account is opened by a trustee in behalf of another person.

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Unincorporated Group of Account- an account that is opened by associations, social clubs, civic organizations, professional and charitable organizations, which are not registered with the Securities and Exchange Commission.

Inactive Deposit Account (Dormant Account): 

Inactive Deposit Account (Dormant Account) This is an account, which does not have any activity through deposits or withdrawals over a period of time. IF the account remains dormant for ten years, the deposit will be transferred to the account of the Philippine Treasury.

Insurance on Deposits: 

Insurance on Deposits For the protection of the depositors “Republic Act No. 3591” was approved. This law provides the establishment of the Philippines Deposit Insurance Corporation (PDIC) which ensures deposits maintained in member banks. Each depositors is entitled to payment of the total amount of insurance coverage for a closed bank.

TRUST FUNCTION: 

TRUST FUNCTION A banking institution does the trust business, that is, it can be authorized to engage in the business of a trust company a bank is engaged in the business of Trust has The Following powers as provided by RA No. 337 or the General Banking Laws:

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To act as trustee on any mortgage or bond issued by any municipality, corporation, or any political body, and to accept and execute any other municipal or corporate trust not inconsistent with law. To act under the order or appointment of any court as guardian, receiver, trustee, or depository of the estate of any minor, insane person.

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3. To act as the executor of any last will or testament when it is named in the last will and testament as the executor thereof. 4. To act under appointment of a court of competent jurisdiction as administrator of the state of any deceased person, with all annexed, or as administrator of the estate of any deceased person when there is no will.

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5. To accept and execute any legal trust confided to it by any court of record or by any person or corporation for the holding, management, and administration of any estate, real or personal and the rents, issues, and profits. 6. To establish and manage common trust funds, subject to such rules and regulations as may be prescribed by the Monetary Board.

Safe Deposit Boxes: 

Safe Deposit Boxes Another trust service that a bank offers is the safe deposit boxes. These boxes are rented out by the bank to its client who would like to have a safe place to put their important documents and precious jewelry. The bank keeps a key of the box and gives another key to the client. The be can be opened with the two keys.

Collection and Remittance Function: 

Collection and Remittance Function A bank act as a collection agent and in return for its services rendered, the bank collects a service fee from its clients. One way of doing this function is through concentration banking. Concentration Banking is a system that spreads collection of company’s receivables among a number of banks located at strategic.

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as a financial intermediary, banks do not only accept deposits but also extends loans. They are the most substantial source of credit not only for individuals and private businesses but also for the government. Loans and Discount Function

Types of Loans Granted by Banks: 

Types of Loans Granted by Banks 1. Demand or Callable Loan- this is a loan that does not have a definite maturity date and therefore, is subject to payment anytime the bank deems it payable.

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2. Time Loan - this type of loan may be short term, medium-term or long-term which is payable at a specified future time. Banks may extend loans against the general credit standing of the borrower.

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Other Classifications of Bank Loans According to purpose: a. Commercial or Mercantile credit b. Investment credit c. Agricultural credit d. Real Estate Credit e. Personal Credit

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According to the form on how credit is granted: a. Direct Loan b. Discount loan and rediscount loan c. Overdraft line

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According to Maturity: a. Short-term loan b. Medium-term loan or Intermediate-term loan c. Long-term loan

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According to Security: a. Secured Loan b. Unsecured Loan According to release of the loan: a. Lump sum release b. Installment release as the project progresses

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According to manner of repayment: a. Lump sum basis b. Installment Basis

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- - -THE END- - - thanks for listening. . . .

GROUP VIII: 

GROUP VIII -- Mark Robert Bryan Peralta -- Carmella Corlit -- Fernandez -- Everlyn