Answer:
11. Explain the primary functions of a commercial bank.
The Primary function of a commercial bank is to offer loans to individuals and businesses.
Explanation
A commercial bank receives money mostly from individuals and businesses opening saving or current accounts. Then they use these deposits to lend money to other businesses or individuals. This is possible because commercial banks only need to keep the 10% of the deposits made in a savings or current account.
Other functions of commercial banks are to offer security to the funds deposited by their customer, teach the customers financial education and give them possibilities of investment such as Certificate Term Deposits
17. Describe the procedure of opening a savings bank account in a bank
The procedure for opening a savings bank account is:
1. Fill in the application form.
2. Present the following documentation with your application: government-issued identification (a driver's license number, military ID, or other ID), your Social Security number, and a mailing address.
3. Go to a bank branch or to its website and open the account.
4. Make the initial deposit if required.
Explanation:
Opening a savings account will require that you identify yourself to the bank with a document that proves who you are, where you live, how old are you and how to contact you. This basic information is gathered in an application form that will be filed as the banks support in front of the regulators in case of an audit and will prove that you are a real person.
Afterwards the bank takes that information and check that everything is true and legal. After making that investigation you are granted with an account number and a card that you might use in any ATM to withdraw money.
For the las step of the opening of a bank account you need to deposit money so you have funds to save or make purchases.
