Accept deposits, lend funds, and enable customer payments., Current accounts offer easy access with no interest., Deposit accounts pay interest but need notice., Loans are cheaper., Overdrafts cover short-term gaps., Loans suit specific long-term purposes., Banks channel money from savers (depositors) to borrowers (spenders)., By charging higher interest on loans than they pay on deposits., Credit cards, standing orders, direct debits, debit cards, and online banking., Currency exchange, document safekeeping, will admin, tax advice, insurance, and mortgages., Profitability (earning high returns) conflicts with liquidity (meeting withdrawal requests)., An asset convertible to cash quickly without incurring loss., They lend in return for a share of the borrower’s profits.
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Banking 1
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Cleverclass1140
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